3.—(1) The pension fund of the scheme, and every right of the trustees of the scheme to receive moneys on the occurrence of certain events by virtue of a policy of assurance held for the purposes of the scheme together with every obligation of the trustees under that policy, shall on these regulations coming into operation be transferred by virtue of these regulations and without further assurance to the trustees of the principal scheme.
(2) The pension fund aforesaid and the moneys received in respect of the said rights together with the fund constituted under the principal scheme shall be invested and managed as one fund in accordance with the provisions of the principal scheme relating to the investment and management of the pension fund established under the principal scheme.