(a) to receive a pension in respect of his or her service with the Government of Newfoundland to be calculated and paid in accordance with Term 39 of the Terms of Union
(i) when that person reaches retirement, if then he or she is not less than 60 years old,
(ii) when that person reaches 60 years of age, if at retirement he or she is less than 60 years old, or
(iii) when that person reaches 55 years of age or his or her retirement whichever is later, if he or she has accrued not less than 30 years of service with the Government of Newfoundland and the Government of Canada for the purposes of pension; or
(b) to receive as soon as that person retires from the Canadian service a pension in respect of his or her service with the Government of Newfoundland the rate of which shall be calculated so that based on his or her life expectancy the aggregate of the pension payments made to him or her under this paragraph shall not cast a heavier burden on the province than if he or she had elected to be pensioned under paragraph (a).