Amount of pension

(1) Every teacher who has served ten years or upwards in the service of a designated school may be granted a pension at the annual rate of one hundred and eighty seven hundred and twentieth (180/720th) of his pensionable emoluments with an addition of one seven hundred and twentieth (1/720th) in respect of each complete month of pensionable service in excess of ten years. (2) Where a teacher retires in circumstances described in section 6 (2) of this Act and at the time of his retirement his pensionable service was not less than ten years but not more than fifteen years he may be granted in addition to the pension granted under section 8 (1) of this Act an additional pension at the annual rate of one seven hundred and twentieth (1/720th) of his pensionable emoluments in respect of each month, (a) by which his pensionable service falls short of fifteen years; or (b) if his pensionable service would have been for a shorter period than fifteen years had he continued to hold the same office which he held at the date of his retirement and retired on attaining the compulsory retirement age of sixty years, of such short period.