Paragraph 1
Where a member—
(a)
elects to receive the immediate payment of retirement benefits under regulation 31(1) of the principal Regulations; and
(b)
satisfies the 85 year rule;
that part of his retirement pension and grant which is calculated by reference to any period of membership before the relevant date shall not be reduced in accordance with regulation 31(4) of the principal Regulations (as amended by regulation 39 of these Regulations).