(1) Subject to the National Insurance Act the Corporation may with the approval of and subject to general policy directions by the Minister, provide for the establishment and maintenance of a pension scheme for the benefit of its officers and staff.
(2) Despite subsection (1), the pension scheme may empower the Corporation to—
(a) grant gratuities, pensions or superannuation allowances to the widows, families or dependants of its officers and staff;
(b) establish contributory and superannuation funds for the benefit of its officers and staff; and
(c) enter into and carry into effect agreements with any general insurance company or other institution for the purpose of effecting a pension scheme.