23.— (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

(b) a lump sum payment 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 and a half times 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.

(3) In this section “referable amounts in respect of each calendar year or part of a calendar year”, in relation to a calendar year or part of a calendar year of service,

(a) where the office of Comptroller and Auditor General is held on a basis which is not fully insured for social welfare purposes, means—

(i) in the case of an annual pension an amount calculated at a rate of 2.5 per cent of the Scheme member’s pensionable remuneration for that year or part of a year as a holder of the office of Comptroller and Auditor General, and

(ii) in the case of a lump sum payment an amount calculated at a rate of 7.5 per cent of the Scheme member’s pensionable remuneration for that year or part of a year as a holder of the office of Comptroller and Auditor General,

as adjusted thereafter, until payment of the pension and lump sum arises in accordance with this Part, by reference to such adjustments as may arise as provided for in section 40,

(b) where the office of Comptroller and Auditor General is held on a basis which is fully insured for social welfare purposes, means—

(i) in the case of an annual pension, an amount calculated at a rate of—

(I) 0.58 per cent of the Scheme member’s pensionable remuneration for that year or part of a year as a holder of the office of Comptroller and Auditor General that is less than or equal to 3.74 times the value of the contributory State Pension at that time, and

(II) 2.5 per cent of the Scheme member’s pensionable remuneration for that year or part of a year as a holder of the office of Comptroller and Auditor General that is greater than 3.74 times the value of the contributory State Pension at that time,

and

(ii) in the case of a lump sum payment an amount calculated at a rate of 7.5 per cent of the Scheme member’s pensionable remuneration for that year or part of a year as a holder of the office of Comptroller and Auditor General,

as adjusted thereafter, until payment of the pension and lump sum arises in accordance with this Part, by reference to such adjustments as may arise as provided for in section 40.