Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(3) A contributor who made an election in accordance with regulation 16 of these Regulations as in force at any time before 1 July 1976 is entitled, upon retirement on attaining the age of fifty - five years or fifty years, as the case may be, to receive full pension according to the number of units for which he was contributing at the time of his retirement, plus the value of any non - contributory units that were applicable to him at the time of his retirement, ascertained in accordance with regulation 45.
(4) Where a contributor who made an election in accordance with regulation 16 of these Regulations as in force at any time before 1 July 1976 does not retire upon attaining the age of fifty - five years or of fifty years, as the case may be, the contributor shall not be required to make contributions after attaining the maximum age for retirement and is not entitled to receive pension until retirement.
(5) The Board shall make such adjustment of contributions as, in its opinion, is necessary by reason of the election of a contributor to contribute at rates based on a retiring age of fifty - five years or fifty years, as the case may be.