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42 (1) There shall be credited to the Permanent Services Pension Account

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• (b) interest on the last day of each quarter in every fiscal year, namely, on the 30th day of June, on the 30th day of September, on the 31st day of December and on the 31st day of March, respectively, calculated at the rate of one per centum of the balance to the credit of the account on the last day of the preceding quarter;

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(2) A contributor who elects to count service as described in subsection (1) shall contribute for such service on the basis that it may count as half-time rather than one-quarter time in anticipation of his fulfillment of the conditions described in subsection (1).

(3) In the event that at date of retirement a contributor has not fulfilled the conditions of subsection (1), he shall be entitled to a refund of contributions equal to the difference between the amount he contributed and the amount he should have contributed were such service to count as one-quarter time.