s 4 Conversion of existing officers to INVEST Plan
4.—(1) Subject to subsection (3), in making regulations under section 3(1), the Minister must also provide —(a) for every civil defence officer, narcotics officer, police officer or prison officer who is appointed before the commencement of those regulations and who, immediately prior to the commencement, is eligible (whether on retirement or in respect of death or injury in or attributable to service) for any pension, gratuity or other allowance under the Pensions Act 1956; and (b) for every officer who is appointed before the commencement of those regulations to the Civil Defence Service, the Narcotics Service, the Police Service or the Prisons Service on a contract for a term and who, immediately prior to the commencement, is eligible for any gratuity or other like benefit under the contract, an option to join the INVEST Plan as a member and for the terms and conditions of the option. [35/2019] (2) Subject to subsection (3), the regulations made under section 3(1) in relation to the officers referred to in subsection (1) must provide —(a) in the case of a uniformed service officer referred to in subsection (1)(a), that any such officer who opts to join the INVEST Plan ceases to be eligible to benefits under the Pensions Act 1956 but remains eligible under the INVEST Plan to benefits not less in value than the amount of any pension, gratuity or other allowance for which he or she would have been granted under the Pensions Act 1956 if he or she retired from service, or was injured or died in service, on the date immediately prior to his or her joining the INVEST Plan; and (b) in the case of an officer referred to in subsection (1)(b), that any such officer who opts to join the INVEST Plan remains eligible to benefits not less in value than the amount of any gratuity or other like benefit for which he or she would have been granted under his or her contract if he or she had completed his or her term of service under the contract on the date immediately prior to his or her joining the INVEST Plan. (3) Any option exercised by any officer before the commencement of the regulations to join or not to join the INVEST Plan is deemed to be exercised in accordance with the regulations made under this section.