(1)The Commission may establish and maintain a scheme for the payment of pensions and other benefits to and in respect of pilots and former pilots.
(2)Such a scheme may include provision for the assets and liabilities of any pilots' benefit fund established by virtue of section 17(1)(j) of the [1913 c. 31.] Pilotage Act 1913 or section 15(1)(i) of this Act to become, with the consent of the managers of the fund, assets and liabilities of the scheme instead of assets and liabilities of the fund ; and the managers of any such fund shall have power to give their consent for the purposes of this subsection and to wind up the fund to which their consent relates.
(3)The Commission may establish and maintain a scheme under which payments may be made for the purpose of compensating pilots and their assistants for loss of employment or reductions in earnings suffered by them in consequence of incidents over which they have no control.