1. Subject to paragraph 3, the functions, property, rights and liabilities which are transferred by article 2 are —
(a)the functions of the Greater Manchester Residuary Body and the Merseyside Residuary Body as administering authority under the Local Government Superannuation Regulations 1986, together with the superannuation fund maintained by those bodies and all property, rights and liabilities of those bodies in respect of it;
(b)the functions, rights and liabilities of those bodies in respect of pensions payable by them otherwise than under those Regulations; and
(c)without prejudice to the foregoing, the functions, rights and liabilities which are vested in or fall to be discharged by those bodies under or by virtue of section 61 of the Act (payment of pensions increases).