39(1)A member of a pension plan who terminates employment after the commencement of this section and on or after attaining the normal retirement date, and who would have been entitled to a deferred pension under subsection 35(1), is entitled to a pension calculated in accordance with the benefit formula of the pension plan in respect of employment before the commencement of this section.

39(2)A member of a pension plan who terminates employment after the commencement of this section and on or after attaining the normal retirement date, and who would have been entitled to a deferred pension under subsection 35(2) or (2.1), is entitled to a pension calculated in accordance with the benefit formula of the pension plan in respect of employment after the commencement of this section.

39(3)The normal retirement date under a pension plan registered after the commencement of this section shall not be later than one year after the attainment of sixty-five years of age.

39(4)Notwithstanding any provision of this Act or the regulations, a pension plan may include one of the prescribed provisions respecting the pension of a former member of a plan who recommences work or service in employment covered by that plan.