23.—(1) Where a contributor has paid normal contributions under regulation 13 and has completed not less than five years contributory service a pension shall be granted to him on his attaining the age of sixty years, or, if he attains that age during the currency of a contract for overseas service, on the date following the date of termination of that contract, whichever is the later, at the annual rate of one-fiftieth of his aggregate salary throughout his contributory service.
(2) The salary of a contributor who elects to continue contributions after termination of overseas service under the provisions of regulation 15 shall, for the purpose of this regulation, be regarded as having continued to be his salary last taken during his overseas service.
(3) For the purposes of this regulation and regulation 24, the date of termination of a contract which contains provisions for its own extension or renewal shall be the date on which it would terminate if not extended or renewed, or, as the case may be, further extended or renewed.