(1)There shall be two schemes with respect to the pensions and lump sum payments payable to clerks, deaconesses and licensed lay workers and their widows, widowers and dependants, as follows—
(a)a scheme related exclusively to past service, to be known as “the Church of England Pensions Scheme” and referred to in this Measure as “the past service scheme”;
(b)a scheme related to future service, to be known as “the Church of England Funded Pensions Scheme” and referred to in this Measure as “the funded scheme”.
(2)The past service scheme shall comprise provisions contained in the [S.I. 1988 No. 2256.] Church of England Pensions Regulations 1988, the Clergy Pensions (Lump Sum Payments) Rules 1988 and any further regulations or rules relating to the past service scheme, whether made before or after the passing of this Measure.
(3)The funded scheme shall be established by deed by the Pensions Board (hereinafter referred to as “the Board”).