295. Notwithstanding section 69 and the first paragraph of section 71, no member is entitled to a deferred pension or an early retirement pension in respect of service credited to him under the pension plan from the date he became a member to 31 December 1989, unless he meets the following requirements either at the time he ceases to be an active member or, if at that time he does not meet those requirements but continues to work for the same employer, at the time his period of continuous employment ends:
(1) he has attained 45 years of age but not normal retirement age;
(2) he has completed at least ten years of continuous employment or has been an active member for at least ten years;
(3) in the case of an early retirement pension, his period of continuous employment will terminate within ten years of the date on which he attains normal retirement age.
The deferred pension shall be equal to or greater than the normal pension; the value of an early retirement pension shall be equal to or greater than the value of the normal pension, discounted at the date on which payment of the early retirement pension begins.
However, if the plan is amended after 31 December 1989 to increase the benefits accumulated in respect of service credited before 31 December 1989, sections 69 and 71 apply to the pension benefits resulting from the increase.
1989, c. 38, s. 295; 1992, c. 60, s. 52.