Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to this Act, a contributor shall, upon retirement, be entitled to receive a pension according to the number of units for which he was contributing at the time of his retirement:
Provided that any contributor:
(a) who has attained the age of sixty years and elects, or is called upon to retire before attaining the maximum age for retirement; or
(b) the age for whose retirement is fixed by law at an earlier age than sixty - five years, who retires on attaining the age so fixed;
shall as from the date of his retirement be entitled, in respect of units for which he was contributing at the time of his retirement, to a pension which is the actuarial equivalent of the contributions made or to be made by him and of the share of pension payable by the Commonwealth and accruing to him under this Act.
(2) This section does not apply to a contributor who retires on or after 1 July 1976.