Subject to the provisions of this Act, a retiring allowance shall be paid to a legislator who—
(a) has served as a member of the House of Assembly, or Senate for periods equal in the aggregate to not less than 8 years, or 2 or more legislative terms of not less than 3 years;
(b) has ceased to serve as a member of the House of Assembly or Senate; and
(c) has attained the age of 50 years, or not having attained the age of 50 years has produced medical evidence to the satisfaction of the appropriate Minister, that he or she is not capable by reason of infirmity of mind or body of discharging the duties of a legislator and that the infirmity is likely to be permanent.