“144C Benefits — early retirement“144C Benefits — early retirement

“144C Benefits — early retirement

“(1) A former eligible employee entitled to delayed updated pension who retires at or after the age of 55 but before the age of 65 is entitled to early retirement benefits in accordance with Division 2 of Part V (except sections 60 and 62):

(a) that relate to the period of contributory service that ended on the day he or she ceased to be an eligible employee; and

(b) subject to adjustment (if any) under section 144H — as if his or her final annual rate of salary on ceasing to be an eligible employee is the final annual rate of salary on retirement.

“(2) The annual rate of the early retirement pension that is payable to a former eligible employee entitled to delayed updated pension is the rate that would apply if the former eligible employee’s age on his or her last day of service had been 65 years, reduced by:

(a) for each year and partial year included in the period commencing on his or her 60th birthday or the day of retirement (whichever is the later) and ending on the day immediately preceding his or her 65th birthday — 2% of that rate; and

(b) if the person retires before his or her 60th birthday, then for each year and partial year included in the period commencing on the day immediately following the day of retirement and ending on the day immediately preceding his or her 60th birthday — 31/3% of the rate ascertained under paragraph (a).

“(3) For the purposes of this section, the reference in subsection 61 (3) to ‘his last day of service’ is taken to be a reference to the former eligible employee’s last day of employment.