32Early retirement

32 Early retirement

(1) Subject to Divisions 2 and 3 of Part III and to subregulation (2), a male contributor who retires after attaining the age of fifty years or a female contributor who retires after attaining the age of forty‑five years and before attaining the maximum age for retirement, other than upon the ground of invalidity or physical or mental incapacity to perform his or her duties, shall be entitled, as from the date of retirement, to the pension which is certified by the Commonwealth Actuary to be four and one‑fifth times the actuarial equivalent of the amount obtained by deducting from the contributions made by the contributor the amount, if any, of a refund paid or payable to the contributor by virtue of the provisions of the Superannuation (Papua and New Guinea) Ordinance 1959. (2) A contributor to whom subregulation 9(6) applies is entitled, as from the date of retirement, to the pension referred to in that subregulation.