(1) Subject to the National Insurance Act, the Authority may, with the approval of and subject to terms and conditions as may be imposed by the Minister, provide for the establishment and maintenance of a pension scheme for the benefit of its staff.
(2) Without prejudice to the generality of subsection (1), the pension scheme may be used by the Authority to—
(a) grant gratuities and pensions to its staff or superannuation allowances to dependants of its staff;
(b) establish contributing or superannuation pension schemes or contribute to superannuation funds for the benefit of its staff; or
(c) enter into agreements with an insurance company for securing gratuitous pensions or allowances authorised to be granted to its staff under this section.