(a) adopt a pension or superannuation plan for the permanent employees of the municipality,

(b) define the words “permanent employee” for the purposes of the by-law and plan,

(c) contract with an insurer, licensed to transact insurance in the Province, for the payment by the insurer of the pensions or superannuation allowances provided for in the plan and for the payment by the municipality to the insurer of the premium specified in the contract,

(d) provide for the establishment of a superannuation fund to be administered by the municipality and for the payment out of such fund of the pensions or superannuation allowances provided for in the plan,

(e) provide for contributions by the permanent employees to the superannuation fund or toward payment of the premium and the method of collecting the contributions, and

(f) provide for payment of the annual contribution of the municipality toward the payment of pensions or superannuation allowances and the expenses of administering the plan.

(a) may deduct from the salary or other emolument of each permanent employee of the municipality an amount equal to the amount of the contribution of the permanent employee to the superannuation fund or toward payment of the premium,

(b) shall pay into the superannuation fund established under the plan an amount to be contributed by the municipality under the plan and the amounts collected from the employees, and

(c) shall pay to former permanent employees of the municipality the amount of the pension or superannuation allowances to which they are entitled under the plan.