§ Where at the passing of this Act a provident fund or any similar fund has been established for the benefit of the persons employed by one or more employers the provisions of the last foregoing Section shall apply with the necessary adaptions and with this modification that where under the Act or deed establishing the fund any sum is payable by the employer towards benefits secured by the Act or deed, and those benefits include benefits similar to those conferred by this Part of this Act the scheme may provide for allowing the employer to deduct from any contributions payable by him under the Act or deed towards benefits of a nature similar to those under this Part of this Act an amount not exceeding the amount of the employer's contributions payable by him under this Part of this Act.
§ Amendments made: Leave out the words "provident fund or any similar," and insert instead thereof the words "superannuation or other provident."
§ Leave out the words "or deed" ["where under the Act or deed establishing the fund"], and insert instead thereof the words "deed or other instrument."
§ After the word "fund" ["establishing the fund"], insert the words "or otherwise."
§ After the word "to" ["benefits similar to those conferred"], insert the words "any of."
§ Leave out the words "under the Act or deed," and insert instead thereof the words "as aforesaid."
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At the end of the Clause insert the following new Sub-section,
(2) Where the fund is one out of which pensions or superannuation allowances are payable, and it is proved
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to the satisfaction of the Insurance Commissioners that the rearrangements required in consequence of this Part of this Act will, upon a valuation under the existing rules of the fund, affect prejudicially the sum available for the payment of pensions or superannuation allowances, the Insurance Commissioners may grant a certificate authorising the value of the prospective extension of benefits under this Part of this Act when the reserve values have been written off as hereinbefore provided, to be brought into account in the valuation of the assets available for the discharge of the liabilities of the fund in respect of pensions and superannuation allowances.—[Mr. Lloyd George.]