5.—(1) A person duly entitled shall, subject to the provisions of these regulations, with effect from the payment date be entitled—
(a)to receive an annual sum equal to the amount of his accrued pension, and
(b)to receive a lump sum equal to the amount of his accrued retiring allowance,
such sums being adjusted in accordance with paragraphs (2) to (6) and (10).
(2) In calculating the amount of an accrued pension and the amount of an accrued retiring allowance as described in paragraph (1), the actual period of reckonable service shall be increased by whichever is the shortest of the following periods—
(a)a period that, when added to his reckonable service, would amount to the maximum period of reckonable service to which he would have become entitled had he continued to be employed until normal retiring age, or
(b)a period equivalent to his reckonable service, or
(c)a period of fifteen years.
(3) The benefit in respect of the additional period of service shall be calculated at the same rate as is applicable for service rendered on the last day of the employment terminated in consequence of a notice of election.
(4) The period so added shall be aggregated with any period of his reckonable service entailing reduction of the relevant pension or retiring allowance because of a retirement pension payable under section 30 of the National Insurance Act 1965 (which provides for flat-rate retirement pension by virtue of own insurance).
(5) In calculating the amount of the annual sum which is equal to the accrued pension of a person duly entitled, no account shall be taken of any reduction falling to be made in that pension by reason of the provisions of any Act relating to National Insurance until the person reaches the age at which under his relevant superannuation scheme the pension would have been so reduced.
(6) Where a person accepts the offer of a temporary or an acting appointment referred to in paragraph 2 of Schedule 2 which is pensionable under the relevant superannuation scheme, and the appointment is concurrent with an employment which is subsequently terminated in consequence of a notice of election, then in calculating the increase of reckonable service under paragraph (2) the reckonable service in relation to the accrued pension and accrued retiring allowance attributable to the temporary or acting appointment shall not be aggregated with the reckonable service in relation to the accrued pension and accrued retiring allowance attributable to the employment terminated in consequence of the notice of election.
(7) The employment of a person duly entitled shall terminate on 31st March 1974, unless he agrees with his employing authority as described in paragraph (8).
(8) A person duly entitled may agree with the employing authority that his employment shall terminate before 31st March 1974 if he will, on or before such termination, have attained the age of fifty and have to his credit five years' reckonable service.
(9) The sums described in paragraph (1) shall be payable with effect from the day immediately following the date of termination ascertained in accordance with paragraphs (7) and (8).
(10) If under his relevant superannuation scheme a person would have been entitled to surrender a proportion of any pension which might have become payable to him in favour of his spouse or any dependant, then if he so desires and informs the new authority by notice in writing accordingly within one month after the payment date, he may surrender a proportion of so much of the benefit payable under these regulations as is payable by way of an annual sum on the like terms and conditions and in consideration of the like payments by the fund authority as if the said annual sum were a pension to which he had become entitled under the relevant superannuation scheme.