3.—(1) Every police authority must establish a separate account for police pensions.
(2) A Police Pension Account must be established for the financial year ending on 31st March 2011 and maintained for each subsequent financial year.
(3) Every police authority must keep accounts in respect of all payments into or out of its Police Pension Account.
(4) Such accounts must be maintained in accordance with proper accounting practices.
(5) Except as may otherwise be provided in these Regulations—
(a)any sum paid or repaid to a police authority for the purposes of the regulations mentioned in paragraph (6) is receivable into that authority’s Police Pension Account; and
(b)any sum paid or repaid by a police authority for the purposes of the regulations mentioned in paragraph (6) is payable out of that authority’s Police Pension Account.
(6) For the purposes of paragraph (5), the regulations mentioned in this paragraph are—
(a)the 1987 Regulations;
(b)the 2007 Regulations; and
(c)any other previous regulations making provision for police pensions, in connection with rights acquired and liabilities incurred under such regulations (including such rights and liabilities which have been transferred to a police authority).