E4.—(1) A member with at least 2 years' qualifying service, who retires from pensionable employment at any time after reaching age 50 shall, if the relevant employing authority agrees to meet the cost described in regulation D2(3)(a) (plus any supplement or increase in that cost under regulation D2(3)(b), (d) or (e)), be entitled to an immediate pension under this regulation.
(2) The pension under this regulation will be calculated as described in regulation E1 (normal retirement pension).