83. Where a member who ceases to be an active member exercises his right to a refund or to the transfer of his benefits the value of his benefits is equal to the greater of the following amounts:
(1) the value of the pension benefit to which he is entitled;
(2) the value of a pension payable to the member and determined in accordance with the second paragraph of section 60.1 of the Act.
The same rule shall apply to the member’s spouse or assign who exercises his right to the benefit provided for in the first paragraph of section 86 of the Act.
Except in the event of plan termination or withdrawal of an employer party to a multi-employer plan, payment of benefits is calculated as the product of the value of the benefits thus determined multiplied by the plan’s degree of solvency.
Such value may not be less than the following sums, with accrued interest:
(1) the sum of the amounts credited to the member following transfers, whether or not referred to in section 98 of the Act;
(2) the sums paid by the member under an option giving him entitlement to a benefit by reason of service in respect of a period of work during which no employer contribution was credited to him;
(3) the total of the contributions made by him.
All additional voluntary contributions shall be refunded, with interest, and without regard to the pension plans degree of solvency.
The second paragraph of section 5 of the Act not withstanding, the plan may not provide for provisions more advantageous than those provided for in this section.