78.—(1) A member (M) is entitled to payment of a reduced pension (an early retirement pension) from the entitlement day if M—
(a)has reached normal minimum pension age but has not reached normal pension age;
(b)is qualified for retirement benefits;
(c)has ceased all HSC employments; and
(d)has applied under paragraph 4 of Schedule 3 for payment of an early retirement pension.
(2) M is not entitled to payment of an early retirement pension if the scheme manager, after consultation with the scheme actuary, decides that the amount of the pension would be less than the amount of the guaranteed minimum pension (if any) to which M is entitled.
(3) An early retirement pension is payable for life.
(4) Part 3 of Schedule 11 has effect in respect of the calculation of the amount of an early retirement pension.