88. A person who is notified by Retraite Québec to pay an amount in accordance with section 87 shall, within 30 days following the date on which the notice was mailed:
(1) either pay that amount to Retraite Québec as a lump sum;
(2) or take the necessary steps to pay the amount to Retraite Québec by instalments to be deducted from each payment of his pension or annual allowance, over the shorter of the following periods:
(a) the person’s lifetime;
(b) the period required to pay the amount in equal instalments of 10% of the gross monthly amount of the pension or annual allowance payable to that person under this plan;
depending on the person’s election, the amount being calculated as of the date of his election, in accordance with the Canadian mortality table GAM-83 men and GAM-83 women (The 1983 Group Annuity Mortality Table, Transactions of the Society of Actuaries, Vol. XXXV, pp. 880 and 881).
A person who does not make his election within 30 days of the date of the notice is deemed to have elected the payment method described in subparagraph 2 of the first paragraph.