The fund shall be applied under such regulations as the Board of Managers shall prescribe for the benefit of such members of the Department of Fire and Rescue as shall receive honorable discharge therefrom by reason of the service of age or disability, widows of retired members and families of such as may be killed or who die in the service. All such pensions as shall be allowed to those who are retired by reason of the disabilities or of the service or age shall be in conformity with a uniform scale, together with service increments as hereafter provided. Benefits allowed from such fund to families of such as are killed or who die in service shall take into consideration the member's widow and his minor children under 18 years of age, if any survive.