(1)Sections 73 and 74 of the 1962 Act (which relate respectively to the powers of the Boards as regards pensions and pension schemes and the power of the Secretary of State to make orders about pensions) shall have effect as if—
(a)the expression " Board " in each of those sections included London Regional Transport;
(b)the references in section 74(1)(a)(ii) to the Commission included references to the London Board ; and
(c)the reference in section 74(2)(a) to a pension scheme in which employees of the Commission or a subsidiary of the Commission participated before the date there mentioned included a reference to any pension scheme in which employees of, or of a subsidiary of, the London Board participated before the vesting date within the meaning of the 1969 Act and to any scheme or fund to which subsection (2) below applies in which employees of, or of a subsidiary of, London Regional Transport participated before the appointed day.
(2)This subsection applies to—
(a)any pension scheme or pension fund established under section 6(1)(k) of the 1969 Act (powers of Executive with respect to pensions and pension funds); and
(b)any superannuation fund maintained by a local authority.
(3)In section 14(2)(a), as it applies by virtue of subsection (2)(b) above in relation to a superannuation fund, the reference to payments under that fund shall be read as including a reference to payments under any agreement or arrangements with respect to the participation in that fund of employees of, or of a subsidiary of, London Regional Transport made by virtue of section 6(1)(k) of the 1969 Act.
(4)Without prejudice to section 74(4), in section 74(2)(a) as it applies by virtue of this section, references to employees of London Regional Transport shall be read as including any persons who immediately before the appointed day were participating, as members or former members of the Executive, in any scheme or fund to which subsection (2) above applies.
(5)Where by virtue of any provision made under section 74, as it applies for the purposes of this section, any member of London Regional Transport—
(a)continues to participate in any such scheme or fund; or
(b)is admitted to participate in any pension scheme established under that section;
paragraph 6(1)(b) of Schedule 1 to this Act shall not apply to him.