(1) The Authority may, by granting a certificate of registration under sub-section (3) of section 27, permit one or more persons to act as a pension fund for the purpose of receiving contributions, accumulating them and making payments to the subscriber in such manner as may be specified by regulations.
     (2) The number of pension funds shall be determined by regulations and the Authority may, in public interest, vary the number of pension funds:
     Provided that at least one of the pension funds shall be a Government company.
     Explanation.--For the purposes of this sub-section, the expression "Government company" shall have the meaning assigned to it in section 617 of the Companies Act, 1956 (1 of 1956).
     (3) The pension fund shall function in accordance with the terms of its certificate of registration and the regulations made under this Act.
     (4) The pension fund shall manage the schemes in accordance with the regulations.