The National Insurance (Modification of Trustee Savings Banks Pensions) Regulations 1955

Statutory Instruments

1955 No. 1472

PENSION SCHEMES AND ENACTMENTS

The National Insurance (Modification of Trustee Savings Banks Pensions) Regulations, 1955

Made

22nd September 1955

Laid before Parliament

26th September 1955

Coming into Operation

1st October 1955

The Lords Commissioners of Her Majesty's Treasury, having determined under subsection (4) of section 69 of the National Insurance Act, 1946, that they are the appropriate Government department in relation to the scheme for the provision of pensions established by sections 64 to 69 of the Trustee Savings Banks Act, 1954, and under the Trustee Savings Banks (Pensions) Act, 1955, and in exercise of the powers conferred upon them by subsection (4) of section 69 of the National Insurance Act, 1946, and of all other powers enabling them in that behalf, hereby make the following Regulations:—

1.—(1) These Regulations shall apply to any person who, after the coming into operation of these Regulations, becomes employed as an officer of a trustee savings bank or of the Inspection Committee.

(2) Any superannuation allowance payable to a person to whom these Regulations apply shall, after that person has attained the age of 65 in the case of a man, or 60 in the case of a woman, be reduced by the sum of £1 14s. 0d. per annum in respect of each year of service which has been reckoned in the computation of the superannuation allowance:

Provided that no superannuation allowance shall be reduced by more than the sum of £67 15s. 0d. per annum.

2.—(1) In these Regulations the expression “ superannuation allowance” means any annual superannuation allowance payable under sections 64 to 69 of the Trustee Savings Banks Act, 1954, and the Trustee Savings Banks (Pensions) Order, 1955(1) .

(2) Any reference in these Regulations to the provisions of any enactment or Order shall be construed, unless the context otherwise requires, as a reference to those provisions as amended or re-enacted by any subsequent enactment or Order.

(3) The Interpretation Act, 1889, shall apply to the interpretation of these Regulations as it applies to the interpretation of an Act of Parliament.

3.  These Regulations may be cited as the National Insurance (Modification of Trustee Savings Banks Pensions) Regulations, 1955, and shall come into operation on the first day of October, nineteen hundred and fifty-five.

Edward Heath

R. H. M. Thompson

Two of the Lords Commissioners of Her Majesty's Treasury

Dated this twenty-second day of September, nineteen hundred and fifty-five

EXPLANATORY NOTE

These Regulations abate the superannuation allowances payable to the staff of trustee savings banks in Great Britain and to the staff of the Trustee Savings Banks Inspection Committee when they become eligible for retirement pensions under the National Insurance Act, 1946, as civil service superannuation allowances are abated by S I 1948/498. When pensioners reach the age of 65 (60 for a woman) allowances payable under sections 64 to 69 of the Trustee Savings Banks Act, 1954 and the Trustee Savings Banks (Pensions) Order, 1955, will be reduced by specific amounts according to length of service. The Regulations apply only to staff joining on or after 1st October, 1955. The maximum reduction in any superannuation allowance is £67 15s. 0d. per annum.

(1)

(1955 II, p. 2388).