To be more precise, you get the equipment stats in proportion of your level to the recommended level, rounded down. In this specific case, if you were level 30 (60% of the recommended level), then the equipment would look to you:
And you'd see the max stats (8/4/25/10) in parentheses and red color. This happens regardless of whether you have it equipped or not; looking in a trade window will show you what you get out of it.
This is different from "Required level". If it was "Required level", then you would not even be able to equip it until 50.
Any lvl below the recommended loses a percent of the effects of that item. So any one under lvl 50 will not get the full effect of the item, you will lose a little off of each stat, so at lvl 49 it would be like ac: +7 dex: +3 wis: +3 int: +3 hp: +24 sv disease: +9, but at 50 it would be all the stats listed.