(1)The Scottish Parliamentary Pension Scheme is to continue but is to be governed from the coming into force of this section in accordance with the rules set out in schedule 1.
(2)The Scottish Parliamentary Contributory Pension Fund (and all the SPCB’s functions, rights, liabilities and obligations in relation to that Fund) are transferred to and vest in the Fund trustees appointed and holding office in accordance with those rules.
(3)Schedule 3 makes further transitional provisions and savings.