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Existing superannuation schemes.
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40.—(1) In this section—
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“superannuation scheme” means any superannuation, pension, provident widows' and orphans' or other benefit fund or scheme,
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“existing superannuation scheme” means a superannuation scheme established by the Company and in existence immediately before the establishment date and includes the Railway Clearing System Superannuation Fund.
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(2) Subject to the provisions of this section, every existing superannuation scheme and the management thereof shall, on and after the establishment date, continue in being.
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(3) For the purposes of any statutory enactment and of rules and regulations relating to any existing superannuation scheme, the following provisions shall, on and after the establishment date, have effect:
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(a) any power of the Company or the directors or any officer thereof in relation to the said scheme may be exercised by the Board or any officer of the Board authorised by the Board in that behalf,
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(b) the service or employment or dismissal under or by the Board of any officer or servant of the Company who is transferred, by virtue of this Act, to the Board shall be deemed to be service or employment or dismissal under or by the Company,
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(c) where under the rules of the said scheme the directors of the Company are empowered to appoint officers and servants to any managing committee, the Board in exercising those powers shall appoint officers or servants of the Board who are members of the said scheme or who, but for this Act, would have been eligible for appointment to such managing committee.
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(4) The obligations, whether obtaining legally or by customary practice, of the Company in respect of any existing superannuation scheme and in respect of every member of the said existing superannuation scheme shall be binding on the Board.
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(5) All persons who are or have been members of any existing superannuation scheme and all persons claiming in right of any such members shall be entitled to the same benefits, rights and privileges and subject to the same obligations, whether obtaining legally or by customary practice, as such persons would have been or might have become entitled or subject to but for this Act.
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(6) Any person who—
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(a) is in the service of the Company immediately before the establishment date, and
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(b) is not a member of any existing superannuation scheme, shall, so long as he remains in the service of the Board, have the same right (if any) to become a member of any such scheme as he would have had but for this Act if he had remained in the service of the Company.
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(7) Nothing in this section shall be construed as preventing the Board from amending an existing superannuation scheme in accordance with a power in that behalf contained therein.
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(8) An existing superannuation scheme shall be deemed to have been set up under an irrevocable trust.
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