54. The annual amount of the deferred annuity is computed in the same manner as the pension. However, as regards the deferred annuity, the amount obtained under the first paragraph of section 39 is indexed in the same manner as the deferred annuity until 1 January in the year in which the employee reaches 65 years of age.
If the actuarial value of the deferred annuity established in accordance with the actuarial assumptions and methods determined by regulation is less than the total of the contributions with interest accumulated on the date of the employee’s sixty-fifth birthday, the deferred annuity is adjusted so that it is equal in value to the total of the contributions and interest. The second paragraph of section 46.1 applies for the purpose of determining the total of such contributions.
Notwithstanding section 40, an employee who is entitled to a deferred annuity is deemed to retire on the date of his sixty-fifth birthday. The deferred annuity shall be payable to him from that date and for life.
1977, c. 21, s. 15; 1983, c. 24, s. 1; 1987, c. 47, s. 31; 1988, c. 82, s. 26; 1990, c. 87, s. 47; 1991, c. 14, s. 13.