Section 15: If a contributor is transferred to

a pensionable post under a local government, or if his or her post under the local government is declared pensionable he or she shall have the option of- (a) electing to remain as a contributor in the fund, and make deposits to the fund at the rate applicable to the salary of his or her pensionable post, in which case he or she shall forfeit all claims to pension rights; (b) ceasing to be a contributor in the fund at the date of his or her transfer or of the declaration of his or her post as pensionable, in which case he or she may elect either to discontinue his or her deposits or to continue to make deposits at the rate applicable to the salary drawn in his or her nonpensionable post immediately prior to the transfer or declaration; and in either case he or she shall continue to receive interest on the amounts standing to his or her credit in the fund, but no bonus will be paid from such date, and he or she shall not be deemed to be a contributor after that date, nor shall he or she be entitled to any payment from the fund until his or her service with the local government terminates; or (c) electing to have his or her service as a contributor in the fund counted as pensionable, in which case he or she shall forthwith be returned his or her total deposits together with all interest on the deposits, and shall forgo his or her bonuses and all interest on the bonuses, which shall be paid out of the fund to the general revenue of the local government concerned. This option must be exercised within two months of the date of transfer or of the declaration of his or her post as pensionable, by notice in writing to the local government concerned, which shall be responsible for notifying the board without delay.