(1) Every person who, having held the office of President of Ireland, ceases to hold that office for any reason other than death shall, subject to section 52 and upon application being made to the relevant authority, be eligible to receive a pension in accordance with this section.

(2) No vesting period shall apply in a case to which this section applies.

(3) The rate of pension under this section shall, at any time, be the equivalent of an annualised amount that is equal to the lesser of -

(a) one-half of the annualised rate at that time of the pensionable remuneration that stands provided for the person holding the office of President, or

(b) the sum of the referable amounts in respect of each calendar year or part of a calendar year which the Scheme member or former Scheme member has accrued.