PART B ESTABLISHMENT AND ADMINISTRATION OF FUND

B1 Establishment of Fund
A fund, to be known as the Scottish Parliamentary Contributory Pension Fund, shall be established for the purposes of the Scheme and shall be vested in and administered by the Parliamentary corporation.

B2 Administration of Fund
1 The provisions of Schedule 1 shall have effect with respect to the administration of the Fund by the Parliamentary corporation and the management and application of the assets of the Fund.
2 Subject to paragraph (3), all pensions and other sums payable under the Scheme by the Parliamentary corporation, including contributions equivalent premiums payable in respect of former participants, shall be paid out of the Fund, and all sums received by the Parliamentary corporation under the Scheme shall be paid into the Fund.
3 Paragraph (2) shall not apply in respect of–
(a) benefits payable and AVC contributions received under Part R;
(b) benefits payable under Part S.
4 Section 21(6) of the Scotland Act 1998 shall not apply to any sums payable by the Parliamentary corporation under paragraph (2).