38. From the month following his sixty-fifth birthday or, as the case may be, from the month following the date on which he retires, if that date is after his sixty-fifth birthday, the pension is reduced by the amount obtained by multiplying
(1) 0.7 %;
(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 the contributory periods selected for the purposes of computing the pension.
In computing the average maximum pensionable earnings, each maximum amount of pensionable earnings concerned is computed according to the ratio established for computing each contributory period.
However, where the teacher receives a pension by reason of physical or mental disability under this plan, the reduction provided for in the first paragraph applies from the month in which the disability pension granted under the Act respecting the Québec Pension Plan (chapter R-9) or under an equivalent plan within the meaning of section 1 of the said Act is payable, or from the month following the date on which the teacher retires if such a disability pension is payable before the pension granted under this plan. In addition, where the teacher continues to hold pensionable employment under the plan after 30 December of the year in which he attains 69 years of age, the reduction applies from the month following that date as if he had retired.
1965 (1st sess.), c. 68, s. 21; 1974, c. 63, s. 13; 1983, c. 24, s. 2; 1993, c. 41, s. 33; 1997, c. 50, s. 68.