PART 2The funded scheme

I112Administration of scheme

1

The Board must continue to administer the funded scheme.

2

The things which the Board may do for the purpose of exercising that function include—

a

entering into agreements for the receipt and payment of actuarial equivalents of contributions or pensions;

b

borrowing money for the purposes of pensions or lump sum payments in respect of deceased clerks;

c

securing money borrowed under paragraph (b) in whatever manner and on whatever terms and conditions the Board thinks fit.