Reduced pension and gratuity optional

(1) Every teacher who is now or shall hereafter become eligible for a pension under this Act, may at his option exercisable on his retirement from his employment, elect to take a reduced pension and gratuity in lieu of the pension provided in this Act. (2) Reduced pension shall be a pension equal to three- fourths of the amount of pension which would be payable under this Act and a gratuity shall be the amount which one- fourth of the pension payable there under when multiplied by twelve and one-half shall represent. (3) Subject to subsection (4) of this section, the option referred to in subsection (1) of this section, shall be exercisable not later than the day immediately preceding the date of the teacher’s retirement. (4) The Governor-General may, if it appears to him in all the circumstances equitable to do so, allow a teacher to exercise the option at any time between the date of his retirement and the date of award of a pension under this Act. 14 (5) If a teacher has exercised the option his decision shall be irrevocable after the date of his retirement. (6) If a teacher who has not exercised the option dies after the date of retirement but before a pension has been awarded under this Act, it shall be lawful for the Governor-General to grant a gratuity and a reduced pension as provided in subsection (2) of this section as if the teacher had exercised the option before his death.