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The Commonwealth Telegraphs (Cable and Wireless Ltd. Pension) Regulations 1955

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Transfer values in respect of persons transferred to other National Bodies

24.—(1) The trustees or other the persons administering each of the existing pension schemes (other than the Cable and Wireless Widows' Fund) may, with the consent of the Postmaster-General, pay to the appropriate National Body out of the pension funds held for the purposes of the pension scheme concerned a transfer value in respect of any person who:

(a)in consequence of the giving of effect to clause five of the Commonwealth telegraphs agreement, became employed by the National Body of Canada on the 1st day of April, 1950, by the National Body of the Commonwealth of Australia on the 1st day of April, 1950, by the National Body of the Dominion of New Zealand on the 1st day of April, 1950, by the National Body of Southern Rhodesia on the 1st day of April, 1949, or by the National Body of Ceylon on the 1st day of June, 1951;

(b)immediately before becoming so employed, was employed by the Company and was a member of any of the said pension schemes; and

(c)on or after becoming employed by such National Body,

(i)ceased or ceases to be a member of any of the said pension schemes, and

(ii)became or becomes a member of a pension scheme provided for him as an employee of such National Body, on terms that his previous pensionable service in the employment of the Company should be taken into account in whole or in part for the purpose of ascertaining his pension rights under that scheme.

(2) A statement in writing made by or on behalf of the appropriate National Body that the terms of sub-paragraph (c) (ii) of paragraph (1) are satisfied in any particular case shall be conclusive for the purposes of this regulation.

(3) Any transfer value paid under paragraph (1) shall be of such amount as may be agreed between the National Body concerned, the trustees or other the persons administering the pension scheme concerned, and the Company, or as may be fixed in any manner agreed between them.

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