40. When he ceases to be a member of the council of the municipality or from 31 December of the year in which he attains 69 years of age, a participant referred to in the second paragraph of section 39 is entitled to receive the greater of the following amounts: the recomputed pension or the pension to which he would be entitled at that time if payment thereof had not ceased pursuant to the said paragraph.
As regards the recomputed pension, the pension credits granted to the participant before the payment of his pension began shall be adjusted annually in accordance with section 30, even during the period he was receiving his pension.
If the greater of the two amounts is not the recomputed pension, the contributions paid by the participant pursuant to the second paragraph of section 39 shall be refunded to him with interest computed in accordance with section 54.1.
1988, c. 85, s. 40; 1991, c. 78, s. 10; 1997, c. 71, s. 25.