33Reduction of benefits in certain cases

33 Reduction of benefits in certain cases

(1) A contributor who became a pensioner under section 41 or 44 of the Superannuation Ordinance on or before 30 June 1967 is entitled to be paid an amount equal to the amount specified in subregulation 31(1) reduced: (a) by four‑tenths of one per centum for each calendar month or part of a month for the first thirty‑six months remaining between the date of his becoming a pensioner and the earliest date on which he could have received a pension under regulation 30; and (b) after that, by three‑tenths of one per centum for each calendar month or part of a month remaining in excess of those thirty‑six months. (2) Subject to subregulation (3), a contributor who became or becomes a pensioner under regulation 32 or 36 after 30 June 1967 is entitled to be paid an amount equal to the amount specified in subregulation 31(1), reduced by four and three‑quarters per centum for each complete year (calculated from the date of retirement) between the date of his retirement and the date on which he would have reached the maximum age for retirement. (3) An amount payable under subregulation (2) shall not be less than two‑thirds of the amount that he would have received if the amount to which he would have been entitled under that subregulation had not been reduced in accordance with that subregulation. (4) Where a pensioner is receiving a pension under regulation 32, the additional pension payable under subregulation 37(1) or subsection 44B(2) of the Superannuation Ordinance shall be reduced by the proportion A/B where:

A is the actuarial equivalent pension payable to the pensioner; and

B is the amount of annual pension that would have been payable to him if, upon retirement, he had become entitled to receive a pension under regulation 30 according to the number of units of pension for which he was contributing at the time of his retirement or resignation.