4. —(1) Every Member exercising an option pursuant to regulation 3 and who has not less than 9 years’ reckonable service as a Member (whether continuously or not) on 1st January 1995 (including any period which may be counted as such service by virtue of section 6 of the Act) may, if he ceases to be a Member and attains the age of 50 years, be granted a pension, the annual amount of which shall be — | (a) | in respect of every completed year of reckonable service, at the rate of one-thirtieth (1/30) of his annual salary; and | | (b) | in respect of any remaining uncompleted year of reckonable service, at the rate of one-three hundred and sixtieth (1/360) part of his annual salary for each completed month of reckonable service, |
| except that the annual pension payable shall in no case exceed two-thirds (⅔) of his annual salary. |
(2) If any Member referred to in paragraph (1) dies after ceasing to be a Member but before attaining the age of 50 years, there may be paid to such of his dependants as the President may think fit or, if there are no dependants, to his legal personal representatives a gratuity as follows: | (a) | the commuted pension gratuity that might have been granted to the person under these Regulations on his attaining the age of 50 years had he not died, from which gratuity there shall be a discount at the prescribed discount rate in respect of each year or part thereof falling between the date he would have attained the age of 50 years had he not died and the date of his death (both dates inclusive); or | | (b) | an amount equal to his annual salary, |
| whichever is the greater. |
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(3) If the President is satisfied that any Member referred to in paragraph (1) is, after having ceased to be a Member, physically or mentally incapacitated so as to be unable to continue in any employment before he has attained the age of 50 years, he may, at his option, be granted either of the following with effect from the date he so satisfies the President that he is so physically or mentally incapacitated, notwithstanding the fact that he has not attained the age of 50 years: | (a) | a full pension under paragraph 4(1) without any gratuity; or | | (b) | the commuted pension gratuity that might have been granted to the person under these Regulations on his attaining the age of 50 years. |
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| (4) In this regulation, “annual salary” means the annual equivalent of the highest monthly rate of salary (excluding any non-pensionable allowances) received by a Member during any period of his service as a Member prior to 1st January 1995. |
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