8.—(1) As from his attainment of pensionable age an office-holder who has ceased to hold office shall, subject to paragraph (3) below, be entitled to receive not less than the guaranteed minimum pension, the weekly rate of which shall be calculated in accordance with section 35(2), (3), (4), (5) and (9) of the Act, unless his accrued rights thereto are extinguished under section 43(7).
(2) Where an office-holder continues to serve after pensionable age, then—
(a)as from the expiration of five years from the date on which he attains pensionable age, or
(b)as from the date (if earlier) when he ceases to hold office,
he shall, subject to paragraph (3) below, be entitled to receive not less than the guaranteed minimum pension, the weekly rate of which shall be calculated in the manner provided by paragraph (1) above and section 35(6) of the Act.
(3) Entitlement to payment of a guaranteed minimum pension by virtue of paragraph (1) or (2) above shall not arise in respect of any period during which the consent of the office-holder under section 33(3) (a) or (b) of the Act is in force and not revoked, and, when the pension which has accordingly been postponed commences, paragraph (1) above shall apply as if it contained a reference to section 35(6).