Clause 7

Any person to whom a pension is granted under subsection (1) of section 3 or subsection (1) of section 4 of this Act may, at his option exercisable not later than thirty days after the date when he becomes entitled to such pension, be paid in lieu of the full pension so granted, a reduced pension at the rate of two-thirds (2/ 3) of the full pension together with a gratuity equal to twelve and one-half (121/2) times the annual value of one-third (1/3) of the full pension.

The option for either a full pension or for a reduced pension with gratuity as provided for in subsection (1) of this section, once exercised, shall not be revoked.

Where a person to whom subsection (1) of this section applies fails to exercise the option within the period specified in the said subsection, the President may grant a reduced pension with gratuity as provided for in the said subsection as if such person had exercised the option within such period.