In section 2(3) of the M1Parliamentary and other Pensions Act 1987 (no pensions payable for or in respect of persons with service as Prime Minister and First Lord of the Treasury or Speaker of the House of Commons) for the words from “Prime Minister” onwards there shall be substituted the words “ ; and regulations under this section shall not provide for the application of any of the assets of the Fund in or towards the provision of pensions for or in respect of any person with service as Prime Minister and First Lord of the Treasury or Speaker of the House of Commons unless he has in accordance with the regulations elected to contribute to the Fund out of his remuneration as a Member of that House while holding that office. ”

Regulations under section 2 of that Act applying to a person who has made an election by virtue of subsection (1) above shall not enable any pension for or in respect of that person to be calculated by reference to service as a Member of the House of Commons before the passing of this Act.