(1) A Master shall retire upon attaining the age of 65 years.
(2) A Master may retire upon attaining an age that is less than 65 years where, the Master is eligible for retirement under the pension laws of the State or Territory of which, by direction of the Chief Justice made pursuant to section 11 (1) of the Courts Order, the Master shall be deemed to be in the service for the purpose of the grant of a pension.