For Pensionable Service prior to 2016. A Member, who is not a Deferred Member, who retires in accordance with Subsection 7.2(1) and whose age on the date the Member’s pension commences when added to the Member’s Service on that date totals 80 or more years, or who retires in accordance with Subsection 7.2(2) and who has 35 years of Service, is entitled to receive in respect of their Pensionable Service prior to 2016 an immediate lifetime pension and an immediate bridge benefit calculated in accordance with Sections 8.1 and 8.2 and payable in accordance with Section 10.1.
For Pensionable Service prior to 2016. A Member, who is not a Deferred Member, who retires in accordance with Subsection 7.2(1) but whose age on the date the Member’s pension commences when added to the Member’s Service on that date does not total 80 or more years and who has less than 35 years of Service is entitled to receive in respect of their Pensionable Service prior to 2016 an immediate lifetime pension calculated in accordance with Section 8.1 and payable in accordance with Section 10.1. Such immediate pension must be reduced so that it is Actuarial Equivalent in value to the unreduced lifetime pension that would commence on the earlier of i) the date the Member’s age and Service, assuming no service grow-in, will total 80, and ii) the Member’s Normal Retirement Date. The early retirement reduction must not be less than 0.25% for each month applicable.
