27. A Member who has given the notice provided for in the second paragraph of section 19 is entitled to a pension credit for each year or part of a year during which he did not participate in this plan provided he applies therefor and pays, on the conditions and in the manner prescribed by regulation, an amount equal to the contribution which would have been withheld if he had participated in this plan, with interest accrued, in the manner and at the rate prescribed by regulation.
Each pension credit thus granted shall be established in the manner prescribed in the first paragraph of section 25 on the basis of the indemnity to which the Member was entitled during such a year or part of a year. For indexing purposes, the pension credit is deemed to have been granted during such a year or part of a year.
1982, c. 66, s. 27; 1987, c. 109, s. 5, s. 39; 1992, c. 9, s. 2.