Where a prescribed employee ceases to be a contributor to the Fund and, by virtue of any provision of this Act, there is payable to or in relation to him a refund of the contributions paid by him to the Fund:
(a) there is payable out of the Fund to or in relation to that prescribed employee, in addition to that refund of contributions, an amount equal to the amount that was paid by the Board to the Commonwealth in accordance with paragraph (b) of section 107E; and
(b) an amount equal to the amount payable out of the Fund in accordance with paragraph (a) is payable to the Fund out of the Consolidated Revenue Fund.