10Continuation of Parliamentary Superannuation Fund

10 Continuation of Parliamentary Superannuation Fund

(1)  For the purposes of this Part, the Parliamentary Superannuation Fund, as established under the 1973 Act immediately before 27 November 2002, continues as a subfund of the Fund.

(2)  The PS Fund is to consist of –

(a) the money and investments of which the former fund consisted immediately before the commencement of these regulations; and

(b) contributions paid and repayments made by members to whom this Part applies and former members under this Part; and

(c) moneys paid into the PS Fund by the Minister under this Part; and

(d) income derived from the investment of moneys forming part of the PS Fund; and

(e) any estate or interest in land and any money, investments or other property of the PSRB Trust arising from its administration of the 1973 Act.

(3)  All pensions, lump sum payments and other benefits provided by this Part (including pensions that are payable out of the PS Fund under regulation 4 ) are to be paid from the PS Fund.

(4)  On and from the day (the commencement day) on which these regulations take effect –

(a) a reference in any other Act, in any instrument made under any other Act, in any contract, agreement, arrangement or undertaking, or in any document of any kind, to –

(i) the Board; or

(ii) any predecessor of the Board –

to the extent to which the reference relates to the assets, or the rights or liabilities, of the Board in relation to the PS Fund, is taken to be, or include, a reference to the Commission; and

(b) any legal, or other, proceedings that –

(i) relate to the PS Fund or to assets, rights or liabilities that are, after the commencement day, assets, rights or liabilities of the Commission or the Fund; and

(ii) are commenced, before the commencement day, by or against the Board or a predecessor of the Board; and