Gratuity and reduced pension

(1) A person who is entitled to a Governor-General’s pension may at his option exercisable in accordance with subsection (2) of this section be paid in lieu thereof a pension at the rate of three-fourths of such pension together with a gratuity equal to twelve and one-half times the amount of the reduction so made in the pension. (2) The option referred to in subsection (1) of this section is exercisable by notice in writing addressed to the Minister within thirty days of the date on which the person concerned ceases to be Governor-General or within such further period as the Minister may allow. (3) Notwithstanding subsection (1), of this section the Minister may, where a person referred to in that subsection fails to exercise his option in accordance with subsection (2) of this section, grant a gratuity and a reduced pension as provided in subsection (1) of this section as if the person had exercised his option.