60. The following provisions apply in respect of any contributor who has to his credit more than 30 years of service on which a pension benefit or retirement benefit of the type described in subparagraph b of paragraph 3 of section 5 of the Public Service Superannuation Act (R.S.C. 1985, c. P-36) is based, but has fewer than 5 years of pensionable service to his credit: (1) where, for any reason, he ceases to hold employment with his employer after reaching age 60, or where he ceases to hold employment because he has become disabled, he is entitled to receive:
(a) either an immediate pension;
(b) or a cash termination allowance or a refund of contributions, whichever of those amounts is greater;
(2) where, for any reason other than disability, he ceases to hold employment with his employer without having reached age 60, he is entitled to receive his choice of:
(a) a deferred pension;
(b) a refund of contributions;
(3) where, without having reached age 60, he becomes disabled but has acquired entitlement to a deferred pension, he ceases to be entitled to that deferred pension and acquires entitlement to an immediate pension.