33.1. A pension is granted in respect of the years of service performed after 31 December 1987 to a person who has ceased to be a Member, makes an application therefor and meets the conditions provided in subparagraph 1 or 2:
(1) his age and years of service, including those for which a pension credit has been granted to him following a redemption, add up to 65 or more and he is at least 50 years of age;
(2) he is 50 years of age or more or is receiving a pension under the Legislature Act (chapter L-1).
In the case contemplated in subparagraph 2, the pension shall be reduced, for its term, by one-third of 1 % for each month falling between the date on which the pension is granted and the date on which the person would qualify for the pension under subparagraph 1, taking into account only recognized years of service at the time he ceases to be a Member of the Assembly.