50Continuation of Parliamentary Retiring Benefits Fund

50 Continuation of Parliamentary Retiring Benefits Fund

(1)  For the purposes of this Part, the Parliamentary Retiring Benefits Fund established under the 1985 Act immediately before 27 November 2002 continues as a subfund of the Fund.

(2)  The PRB Fund is to consist of –

(a) contributions paid by members to whom this Part applies; and

(b) money paid by the Minister under this Part; and

(c) income derived from the investment of money forming part of the PRB Fund; and

(d) any estate or interest in land and any money, investments or other property of the PSRB Trust arising from its administration of the 1985 Act.

(3)  All benefits provided by this Part are to be paid from the PRB 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 PRB Fund, is taken to be, or include, a reference to the Commission; and

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

(i) relate to the PRB 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

(iii) are pending immediately before the commencement day –

are taken to be proceedings pending by or against the Commission; and

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