85. Such pension credit shall be granted as a life annuity payable to the employee from his compulsory retirement age.
However, if the employee ceases to hold an employment contemplated by this act, at an age other than that provided for in the first paragraph, the life annuity becomes payable at the same date as the annual pension.
If the date on which the annual pension so becomes payable is prior to the date of his compulsory retirement but subsequent to his sixty-fifth birthday, the annuity shall be reduced for its duration, by 3/4 of one per cent per month, computed for each month falling between the date on which such annuity is payable to him and the date of his compulsory retirement.
If the date on which the annual pension so becomes payable is prior to the date of his compulsory retirement and prior to his sixty-fifth birthday, the pension credit shall be reduced, for its entire duration, by 1/2 of one per cent per month, computed for each month falling between the date on which the pension credit is payable to him and his sixty-fifth birthday, and by 3/4 of one per cent per month, computed for each month falling between his sixty-fifth birthday and the date of his compulsory retirement.