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(b) the individual exercises an option in accordance with section 772(3A), 784(2A) or 787H(1) for the transfer, on the date the annuity or, as the case may be, the pension would otherwise become payable, of an amount to any one or more of the following—

(ba) the individual does not elect to exercise an option in accordance with section 787H(1) and instead retains the assets of the PRSA in that PRSA or any other PRSA,

(b) an amount transferred to an approved retirement fund or to an approved minimum retirement fund in accordance with section 787H,

(1) Subject to subsection (2) and to sections 787H and 787L, the Revenue Commissioners shall not approve, for the purposes of section 94(3) of the Pensions Act, 1990, a PRSA product (within the meaning of Part X of that Act) unless it appears to them to satisfy the following conditions—

(III) assets transferred to an approved retirement fund or to an approved minimum retirement fund, in accordance with section 787H(1), or

(b) the annuity or, as the case may be, the pension would otherwise become payable under a relevant pension arrangement where the individual exercises an option in accordance with section 772(3A), 784(2A) or, as the case may be, section 787H(1),

(ba) the annuity would otherwise become payable under a PRSA of a kind referred to in paragraph (c) of the definition of “relevant pension arrangement” where an individual does not elect to exercise an option in accordance with section 787H(1) and instead retains the assets available in the PRSA at that date, in that PRSA or any other PRSA,

“relevant option”, in relation to a non-member and a transfer arrangement, means the option referred to in section 772(3A), 784(2A) or 787H(1), as the case may be, to the extent that those options refer to a transfer to an approved retirement fund, or where the transfer arrangement is a PRSA, the option to retain the assets of the transfer arrangement in that arrangement (or any other similar arrangement);

A is the value (in this section referred to as the “relevant value”) of the assets in a relevant fund on the specified date, excluding, where appropriate, the value of assets retained by the PRSA administrator as would be required to be transferred to an AMRF if the beneficial owner of the PRSA had opted in accordance with section 787H(1),

(b) the aggregate value of the assets referred to in paragraph (a) shall, where the assets are in one or more than one vested PRSA, exclude the value of such assets, if any, retained by the PRSA administrator as would be required to be transferred to an AMRF if the beneficial owner of the PRSA had opted in accordance with section 787H(1), and