10(1)The Board shall make, in respect of such of its employees as, with the approval of the Lord Chancellor and the consent of the Treasury, it may determine such arrangements for providing pensions, allowances or gratuities, including pensions, allowances or gratuities by way of compensation for loss of employment, as it may determine.
(2)Arrangements under sub-paragraph (1) above may include the establishment and administration, by the Board or otherwise, of one or more pension schemes.
(3)If an employee of the Board—
(a)becomes a member of the Board; and
(b)was by reference to his employment by the Board a participant in a pension scheme established and administered by it for the benefit of its employees,
the Board may determine that his service as a member shall be treated for the purposes of the scheme as service as an employee of the Board whether or not any benefits are to be payable to or in respect of him by virtue of paragraph 8.
(4)Where the Board exercises the power conferred by sub-paragraph (3) above, any discretion as to the benefits payable to or in respect of the member concerned which the scheme confers on the Board shall be exercised only with the approval of the Lord Chancellor and consent of the Treasury.