53 Pa. Stat. § 773
Where there is an existing police pension fund established by a borough, town or township on the effective date of this act, the members' assets and liabilities of such fund shall be transferred to a fund established pursuant to the provisions of this act.
Where there is an existing police pension fund established by a private organization or association therein for the members of the police force on the effective date of this act, the members' assets and liabilities of such fund may be transferred to a fund established pursuant to the provisions of this act.
After such transfer, the borough, town or township police pension fund shall assume the liability of continuing the payment of pensions to members of the police force retired prior to such transfer in accordance with the laws and regulations under which such members were retired.
The provisions of this act shall not be deemed to restrict the existing authority of boroughs, towns and townships, to provide pensions through annuity contracts with insurance companies: Provided, That such pensions shall not be less than the minimum provided under this act, and shall conform to the requirements of this act relating to age and service.
Where an existing police pension fund established by a private organization or association therein for the members of the police force is not transferred to a fund established pursuant to the provisions of this act, no moneys derived or received from taxes paid upon premiums by foreign casualty insurance companies or from appropriations made by the borough, town or township, shall be applied to such private fund.
53 P.S. § 773