(a) in the case of the purchase in respect of a person receiving a pension, the pension purchased from the insurance company must provide the person with payments in the same amount and form as the pension that the person would have received from the pension plan had the purchase not been made; or

(b) in the case of a purchase in respect of a former member entitled to a deferred pension, the deferred pension purchased from the insurance company must provide the same pension benefit to the former member as the pension benefit the former member would have received from the pension plan had the purchase not been made.