3Option for existing judges
(1)The foregoing provisions of this Act shall not apply to any person who holds an office listed in the First Schedule to this Act at the commencement of this Act, unless he elects that those provisions shall apply to him ; and in default of such an election the annual amount of the pension which may be granted under the relevant pension enactment to any such person who retires when qualified for such a pension shall be one half of his last annual salary.
(2)Where such an election is made by a person who has attained the age of seventy-five years, subsection (1) of section two of this Act shall apply to him as if he had not attained that age until the end of the calendar year in which the election is made.
(3)An election under this section shall be made within the period of three months beginning with the commencement of this Act and shall be made in writing addressed to the Treasury.