40(1)A person who has terminated employment, is entitled to a deferred pension under section 35 and who is within ten years of the normal retirement date specified in the plan may elect to receive an early retirement pension, commencing at any time within ten years before the normal retirement date, that is not less in value than the commuted value of the former member’s deferred pension under the pension plan.

40(2)A member of a pension plan who is within ten years of the normal retirement date specified in the plan and who would be entitled to a deferred pension under section 35 on termination of employment may elect to receive an early retirement pension commencing at any time within ten years before the normal retirement date that is not less in value than the commuted value of the member’s pension benefit under the pension plan.

40(3)Where a pension plan permits continuation of membership in the plan after attaining normal retirement date and the member continues to be employed and is not receiving a pension under the plan, the member may continue to accrue pension benefits in accordance with the benefit and contribution formula under the plan to the date of termination of the employment to the maximum benefits allowed under the pension plan.