(1) Subject to subsection (4), the pension scheme or provident fund for the benefit of officers, servants and agents established and in existence under the repealed Act, is preserved and continued under this Act.
(2) Notwithstanding subsection (1), the Board shall, by rules to be agreed by the Minister, provide for the establishment and maintenance of a pension scheme or provident fund for the benefit of the officers, servants and agents of Invest Saint Lucia employed prior to the commencement of this Act.
(3) Without prejudice to the generality of subsection (2), the Pension Scheme may enable Invest Saint Lucia to —
(a) grant gratuities, pensions or superannuation allowances to, or to the widows, families or dependents of, its employees;
(b) establish contributory and superannuation schemes, and establish and contribute to superannuation funds for the benefit of its employees;
(c) enter into and carry into effect agreements with any insurance company or other association or company for securing to any such employee, widow, family or dependent such gratuities, pensions, or allowances as are by this paragraph authorised to be granted;
(d) give donations or subscriptions to charitable institutions, sick funds, benevolent funds and other objects calculated to benefit its employees.
(4) Subsections (1), (2) and (3) shall not apply to an officer, servant or agent appointed and employed by the Board, after the commencement of this Act, and any such officer, servant or agent is entitled to a pension and benefits pursuant to the National Insurance Corporation Act upon _ulfilment of the prescribed conditions and obligations.