The provisions of Schedule 1 shall have effect with respect to the administration of the Fund by the Parliamentary corporation and the management and application of the assets of the Fund.

Subject to paragraph (3), all pensions and other sums payable under the Scheme by the Parliamentary corporation, including contributions equivalent premiums payable in respect of former participants, shall be paid out of the Fund, and all sums received by the Parliamentary corporation under the Scheme shall be paid into the Fund.

Section 21(6) of the Scotland Act 1998 shall not apply to any sums payable by the Parliamentary corporation under paragraph (2).