24. From the month following the pensioner’s sixty-fifth birthday or from the month following the date on which he retires, if that date is after his sixty-fifth birthday, the pension, increased in accordance with section 20, is reduced by the amount obtained by multiplying
(2) the number of years of service credited after 31 December 1965 to which is added the number of years and parts of a year entitling the pensioner to the increase provided by section 20 even where they are prior to 1 January 1966, to the extent only that those years or parts of a year are necessary to attain the maximum of 70% of the average pensionable salary referred to in section 22;
(3) that part of the average pensionable salary which does not exceed the average maximum pensionable earnings, within the meaning of the Act respecting the Québec Pension Plan (chapter R-9), in respect of all the last years of service needed to attain a sum of corresponding contributory periods equal to five or, if the sum is less than five, in respect of all the years.
In computing the average maximum pensionable earnings, each maximum amount of pensionable earnings concerned is computed according to the ratio established for computing each contributory period.
Notwithstanding the foregoing, for the years prior to 1 January 1966, the maximum pensionable earnings is equal to $5,000.
In no case may the pension, increased in accordance with section 20, be reduced by an amount greater than the amount corresponding to the maximum monthly retirement pension payable under section 116.6 of the Act respecting the Québec Pension Plan (chapter R-9) for the year in which the pensioner retired, multiplied by 12.
Notwithstanding the first paragraph, where a person continues to hold pensionable employment after 30 December of the year in which he attains 69 years of age, the reduction provided for in the first paragraph applies from the month following that date as if he had retired.
1986, c. 44, s. 24; 1987, c. 66, s. 1; 1997, c. 50, s. 6; 2002, c. 79, s. 1.