(1) A person having completed the vesting period and having been a designated office holder shall, subject to section 52 and upon application being made to the relevant authority, be eligible to receive a pension and a lump sum as provided for by this section if he or she either -

(a) has attained normal pension age and is no longer a designated office holder, or

(b) after attaining normal pension age ceases, other than by death, to be a designated office holder.

(2) A person who is a Scheme member or former Scheme member to whom subsection (1) relates shall be eligible to receive -

(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 designated office holder, subject to a maximum of one-half of the annualised rate at that time of the pensionable remuneration that stands provided for the person concerned at the time of his or her retirement, and