(1) If a fund has paid in accordance with old Part 24 to an eligible transitional fund an amount equal to the benefits of a beneficiary in the first - mentioned fund:
(a) the beneficiary ceases to have any rights against the first - mentioned fund in respect of those benefits; but
(b) has the corresponding rights against the eligible transitional fund in respect of those benefits.
(2) For the purposes of this section, a mere contingent right to a death or disability benefit is taken not to be a right in respect of the first - mentioned benefits.
(3) Subsection (2) is enacted for the avoidance of doubt.