(1) A person having completed the vesting period and having been a holder of the office of Comptroller and Auditor General shall, subject to section 52, be eligible to receive a pension and a lump sum as provided for by this section if he or she either -

(a) has attained the normal pension age and has ceased to be a holder of that office before reaching the retirement age for such a holder prescribed by law, or

(b) has attained the retirement age for such a holder as so prescribed.

(2) A person who is a Scheme member or former Scheme member to whom subsection (1) relates shall, upon application being made to the relevant authority, be eligible to receive upon his or her retirement -

(a) an annual pension equivalent to the sum of the referable amounts in respect of each calendar year or part of a calendar year as a holder of the office of Comptroller and Auditor General, subject to a maximum equivalent to one-half of the annualised rate at that time of the pensionable remuneration that stands provided for the person concerned at the time he or she ceased to be a holder of that office, and