Schedule 32: London Regional Transport pension etc schemes
623.Schedule 32 contains provisions implementing the assurances given by the Deputy Prime Minister (DPM) to LRT staff about their pension rights. The Schedule enables the Secretary of State to make orders to give staff transferring to the private sector the statutory right to remain as participating members of the London Regional Transport Pension Fund as long as they remain in work related to London Underground. It also enables the protection of the pension benefits of staff who transfer to the private sector and move out of Tube-related work while remaining in continuous employment. This protection applies to staff transferring as part of the London Underground PPP, and also those who will transfer or have transferred as part of Private Finance Initiative deals since the DPM gave his assurances. The Schedule also provides for the continuation of certain LRT schemes into the new structure that will take effect with the establishment of Transport for London.
