5 (1) Each pilot who became employed in the Public Service on October 1st, 1966 shall be deemed to have become a contributor under the Act and required to contribute to the Superannuation Account as of that date.
(2) Each pilot described in subsection (1) shall be deemed to have to his credit as pensionable service under the Act as of October 1st, 1966 the whole or that portion of the active service to his credit under the By-law that his accumulated contributions will purchase when applied to that part of his service under the By-law that is most recent in point of time, calculated by the Minister in accordance with twice the rate or rates of contributions applying from time to time under the Act in respect of a corresponding period of service in the Public Service, as if
(b) the salary payable to the pilot in respect of that service were equal to the moneys that were actually paid to him for service as a pilot during that period; and
4 (1) There shall be paid out of the Superannuation Account on or after the first day of the month following the month in which the payment and transfer described in subsection (1) of section 3 has been made,
(b) any pension or amount that would have been required to be paid out of the Pension Fund on or after that date pursuant to Part II of the By-law as it read on October 1st, 1966,
to or in respect of any person who ceased to be employed as a pilot prior to October 1st, 1966.
(2) Every pension or amount payable pursuant to subsection (1) shall be paid subject to the terms and conditions on which that pension or amount would have been paid pursuant to Part II of the By-law as it read on October 1st, 1966.
2 In these Regulations,
Superannuation Account means the Account referred to in the Act as the Superannuation Account. (Compte de pension de retraite)
1 These Regulations may be cited as the Sydney Pilots’ Pension Regulations.