(1) For the purpose of providing a superannuation fund or retiring allowances for any members of the Board, the Institute may from time to time pay sums by way of subsidy or contribution into any retirement scheme (within the meaning of section 6(1) of the Financial Markets Conduct Act 2013).
(2) Notwithstanding anything in this Act, a person who, immediately before becoming an employee of the Institute by virtue of a transfer under section 14(1) of this Act, was a contributor to the Government Superannuation Fund under the Government Superannuation Fund Act 1956 shall, for the purposes of that Act, be deemed to be employed in the Government service so long as that person continues to be an employee of the Institute; and that Act shall apply to that person in all respects as if that person's service with the Institute were Government service.
(3) Subject to the Government Superannuation Fund Act 1956, nothing in subclause (2) entitles any such person to become a contributor to the Government Superannuation Fund after that person has once ceased to be a contributor.
(4) For the purposes of applying the Government Superannuation Fund Act 1956, in accordance with subclause (2), the term controlling authority, in relation to any transferring employee, means the Institute.
Schedule 1 clause 16(1): amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
Schedule 1 clause 16(1): amended, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).