(1) The Minister shall, with the consent of the Minister for Finance, make and carry out such a scheme or schemes for the granting of superannuation benefits to or in respect of the members of the Authority and the members of staff of the Authority as he or she may think fit.
(2) Every such scheme shall fix the time and conditions of retirement for all persons in respect of whom superannuation benefits are payable under the scheme, and different times and conditions may be fixed in respect of different classes of persons.
(3) The Minister may at any time, with the consent of the Minister for Finance, make and carry out a scheme or schemes amending or revoking a scheme under this section.
(4) No superannuation benefit shall be granted by the Minister nor shall any other arrangement be entered into by the Minister for the provision of such a benefit to or in respect of any member of the Authority or any member of the staff of the Authority otherwise than in accordance with a scheme