118. (1) The IAA shall, as soon as is practicable after the commencement of this section but, in any case, before the dissolution day, make the relevant scheme or arrangement.

(2) The relevant persons shall, on the dissolution day and by virtue of this section, become members of the relevant scheme or arrangement.

(3) In this section—

“relevant persons” means the members of the Commission and members of the staff of the Commission who stand transferred to the IAA under section 110 as members of the staff of the IAA and who were not members of a scheme or arrangement referred to in section 117(1) immediately before the dissolution day;

“relevant scheme or arrangement” means a scheme or arrangement referred to in section 41 of the Act of 1993 made before the dissolution day for the purposes of relevant persons becoming members of such scheme or arrangement on that day and containing terms and conditions in relation to superannuation no less favourable to relevant persons than those terms and conditions in relation to superannuation to which they were entitled immediately before that day.