§ (1) The local authority shall establish and administer a superannuation fund to which shall be carried and credited in each year—
- (d) the amount of any transfer values received by the local authority under this Act; and
- (e) such amount as may be certified by an actuary as soon as may be after the adoption of this Act, as necessary in order that the superannuation fund may be solvent, to be calculated so as to cast upon the local authority, so far as may be, an equal annual charge for a period not exceeding forty years from the appointed day.
§ (2) The equivalent contribution and the equal annual charge shall be made out of the same rates and revenues as those upon which the salaries or wages from which the said amounts so deducted are charged.
§ Lords Amendment:
§ In Sub-section (1, d), after the word "values," insert "or payments in lieu of transfer values."
1874§ In Sub-section (1, e), leave out the words "adoption of this Act" and insert "appointed day."
§ In Sub-section (2), after the word "same," insert the word "funds."
§ Agreed to.