Pension or provident fund.

(1) For the benefit of its officers, teachers, clerical staff and other employees, the University shall constitute, in such manner and subject to such conditions as may be prescribed, such pension, gratuity, insurance and provident fund as it may deem fit.

(2) Provision shall be made in Statutes to ensure that staff members transferred from employment in the service of the State shall have their accrued service benefits protected upon such transfer.