Section 5: Gratuity and reduced pension

5. Gratuity and reduced pension (1) Any retiring member may at his option exercisable in accordance with subsection (2), instead of a retiring allowance at the rate provided for in section 3, be paid a reduced pension at the rate of three fourths of the retiring allowance together with a gratuity equal to 121/ times the amount of the annual reduction so made in the retiring allowance. (2) Subject to subsections (3) and (4), the option referred to in subsection (1) shall be exercised by written notice to the Minister not later than 30 days following the date on which the retiring member becomes eligible to a retiring allowance. (3) Where after the dissolution of Parliament a person who was a member immediately before the dissolution seeks to be re-elected and is not reelected, he may exercise the option referred to in subsection (2) not later than 30 days following polling day. (4) The Minister may allow any retiring member who has failed to exercise an option under subsection (2) to exercise the option within such further period as he may approve.