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50. In regulation 33 (other early leavers: deferred retirement benefits and elections for early payment)—
(a)for paragraph (4) there shall be substituted—
“(4) His retirement pension and grant must be reduced by the amounts shown as appropriate in guidance issued by the Government Actuary (but see paragraphs (5) and (6) and regulation 39(5)) (guaranteed minimum pensions).”; and
(b)for paragraph (7) there shall be substituted—
“(7) If a member does not elect for immediate payment under this regulation, he is entitled to receive a pension and grant without reduction payable from his normal retirement date.”.
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