The British Transport Commission (Amendment of Pension Schemes) Regulations 1954

Type Statutory-Instrument
Publication 1954-10-27
State In force
Department Westlaw
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Made: 27th October 1954

Laid before Parliament: 3rd November 1954

Coming into Operation: 4th November 1954

The Minster of Transport and Civil Aviation in exercise of his powers under section 98 of the Transport Act, 1947, hereby makes the following Regulations:—

1

2

These Regulations shall apply to—

3

Where any officer or servant to whom these Regulations apply is entitled under any pension scheme to which these Regulations apply, on ceasing to be an officer or servant, to receive any payment by way of a return of contributions paid by or in respect of him, with or without interest thereon, he may, at any time within three months of the date of change, exercise his right to receive such a payment; and where such a right is exercised by any officer or servant the subsequent provisions of these Regulations shall not apply to him, and the persons managing any such scheme, the persons in whom any fund held for the purposes thereof is vested and the Commission shall be discharged from all other liability under the scheme to or in respect of that officer or servant or to any other person by reason of that right having been exercised.

4

Provided that the provisions of this paragraph shall not apply in any case where such an officer or servant whilst so employed dies or retires on the ground of ill health before attaining the age at which persons so employed are normally required to retire.

SCHEDULE

Table showing the percentage by which pension payments are to be reduced according to age at the pensionable event, in cases to which Regulation 4 (4) applies.

Percentage Reduction Percentage Reduction
Age at last birthday preceding the pensionable event Males Females
59 5
58 10
57 15
56 20
55 25
54 30 5
53 35 10
52 40 15
51 45 20
50 49 25
49 52 29
48 55 33
47 57 36
46 59 39
45 61 42

Signed

Given under the Official Seal of the Minister of Transport and Civil Aviation this twenty-seventh day of October, 1954.

John Boyd-Carpenter — The Minister of Transport and Civil Aviation

Explanatory note

EXPLANATORY NOTE

These Regulations provide for the preservation of the accrued pension rights of certain members of railway salaried staff pension schemes, employed by the British Transport Commission or formerly employed by the Commission and now employed by the Ulster Transport Authority, who transfer to the employment of the British European Airways Corporation or to railway employment in a country (other than a foreign country) outside the United Kingdom.

The pension rights accrued up to the date of transfer will normally be payable when the employee retires from the employment to which he transfers or when an event occurs which would have given rise to benefit under the rules of his pension scheme. If an employee who transfers to railway employment retires (otherwise than on the ground of ill health) at an earlier age than that at which he could have retired on pension if he had not transferred, the retirement benefits will be reduced by the percentage show in the Schedule.

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