39. From the month following the sixty-fifth birthday of a pensioner or from the month following the date of his retirement if that date is subsequent to his sixty-fifth birthday, his pension is reduced by the amount obtained by multiplying it by
(2) the number of years of service credited after 31 December 1965, up to 35;
(3) that part of the average pensionable salary which does not exceed the average maximum pensionable earnings, within the meaning of the Act respecting the Québec Pension Plan (chapter R-9), in respect of all the last years of service required in order that the total amount of the corresponding periods of contribution be equal to 5, or where the total amount is less than 5, by counting all the years.
In the computation of the average maximum pensionable earnings, each maximum amount of pensionable earnings concerned must be computed according to the report established for computing each period of contribution.
Where the pension is reduced pursuant to section 43.1, the amount obtained pursuant to subparagraphs 1, 2 and 3 of the first paragraph is reduced by 2%.
However, where the employee continues to hold pensionable employment under the plan after 30 December of the year in which he attains 69 years of age, the reduction provided for in the first paragraph applies from the month following that date as if he had retired.
1973, c. 12, s. 32; 1977, c. 21, s. 9; 1982, c. 51, s. 8; 1983, c. 24, s. 1; 1990, c. 87, s. 37; 1997, c. 50, s. 22.