87. To obtain pension credit, the employee must pay the Commission, either in cash or by instalments, the premium computed in accordance with Schedule I.
However, the payments shall not be spread over a period longer than that corresponding to one-half of the service which the employee wishes to be credited with, except where the payments so computed exceed $3,500 per annum. In the latter case, the payments may be spread over such a period as to equal $3,500 per annum, except the last payment, which may be under that amount. Nevertheless, the payments shall in no case be made after the compulsory retirement age of the employee.
Where the employee dies before having paid the instalments within the delay fixed by this section, all the instalments are deemed to have been paid for the purpose of the qualification of the surviving spouse for the half-pension.
Where an employee uses the whole or part of the value of his accumulated sick-leave to pay the premium determined in the first paragraph, that payment may be made by his employer on the terms and conditions determined by the Commission.
1973, c. 12, s. 77; 1974, c. 9, s. 17; 1977, c. 21, s. 31.