It is the intention that upon the adoption and taking effect of this chapter of the charter that the action of the people of the Village of Inkster in heretofore establishing the Retirement System for the Policemen and Firemen of the Village of Inkster be and the same is hereby rescinded and held for naught, and the funds which are on deposit with the pension fund under said village retirement system be transferred over to the pension fund under this Retirement System of the City of Inkster for Policemen and Firemen.