(1) The existence of a private or company pension provident fund, superannuation scheme or gratuity scheme in respect of workers to whom this Act applies shall not exempt the employer or the worker from the application of this Act and an employer is responsible for deducting contributions from the remuneration of workers and paying them along with the employer’s own contributions to the Fund at the rates laid down in this Act.

(2) Despite any other provision, an employer may

(a) amend written provisions of an existing scheme with the prior approval of the governing body of the existing scheme or with the consent of the Board of the Authority; or

(b) adjust the benefits that may be derived from the scheme to enable the payment of contributions to be effected under this Act.