Air Corporations Act 1966

7 Pensions

(1) The power of the Minister to make regulations under section 21 of the principal Act (pension regulations in respect of service of employees of the Corporations) shall include power to make regulations in respect of the service of—

(a) employees of any such undertaking as may be specified in the regulations, being—

(i) an undertaking which is a subsidiary of either of the Corporations, or

(ii) any other undertaking which would be a subsidiary of one of the Corporations if there were held by that Corporation any share capital, or power to appoint directors, of the undertaking which is held (directly or indirectly) by the other Corporation ;

(b) employees of the management trustees of the pension scheme established and maintained by virtue of regulations made under the said section 21;

(c) employees of the board of trustees of the joint medical service of the Corporations ;

and, accordingly, in the said section 21 references to the Corporations shall include references to any undertaking specified in the regulations by virtue of paragraph (a) of this subsection and to the trustees mentioned in paragraphs (b) and (c) of this subsection.

(2) Regulations under the said section 21 may make provision for securing that where—

(a) an employee of any such undertaking or body of trustees as is mentioned in paragraph (a), (b) or (c) of subsection (1) above becomes a member of either of the Corporations; or

(b) an employee of any such undertaking or body of trustees, or of either of the Corporations, becomes a director of any such undertaking,

being, in either case an employee in respect of whose service benefits are provided by a pension scheme established under that section, his service as such a member or director (whether before or after the passing of this Act) shall be treated for the purposes of the scheme as if it were service as an employee of the undertaking, body of trustees or Corporation in whose employment he was when he became such a member or director.

(3) No regulations shall be made by the Minister under the said section 21 by virtue of this section except after consultation with each of the Corporations and with any organisation representative of the employees to whom the regulations will relate which appears to him to be appropriate; and nothing in that section shall require the Minister to make any regulations which he has power to make by virtue of this section.