“(1) This section applies to any person (referred to in this section as a transferee) who—
“to which the responsibility for any of the matters specified in paragraph (a) of this subsection has been or is transferred (such Department, other part of the State services, company, partnership, or person being referred to in this section as the employer).
“(2) No transferee is entitled to any payment, benefit, or compensation, whether for redundancy or otherwise, by reason only of the transferee ceasing to be employed by the Authority if—
“(3) Any transferee who, immediately before transfer, was a contributor to the Government Superannuation Fund under the Government Superannuation Fund Act 1956 is, for the purposes of that Act, deemed to be employed in the Government service so long as that person continues to be employed with, or be a director of, the employer.
“(4) Subject to the Government Superannuation Fund Act 1956, nothing in subsection (3) of this section entitles a transferee to become a contributor to the Government Superannuation Fund after that transferee has ceased to be a contributor.
“(5) For the purpose of applying the Government Superannuation Fund Act 1956 in accordance with subsection (3) of this section, the term controlling authority, in relation to a transferee, means the employer.”