The Birmingham Assay Office Order 1989

Pensions, employees' clubs, etc

13.—(1) The Company has established a pension scheme and may continue to maintain or procure the establishment and maintenance of contributory or non-contributory pension or superannuation funds or schemes for the benefit of, and may give or procure the giving of donations, gratuities, pensions, allowances or emoluments to, or for the benefit of, any persons who are or have been employed by the Company and their wives, widows, families and dependants and may make payments for or towards the insurance of or for any such persons as aforesaid.

(2) The Company may continue, amend, repeal or revoke any such fund or scheme (and all instruments relative thereto) as is mentioned in the last foregoing paragraph, and whether established before or after the passing of this Order: Provided that, subject to anything to the contrary contained in any legislation or rules affecting such fund or scheme, no such action shall operate so as to affect in any way prejudicially either any pension already being paid under the rules of such fund or scheme at the date such action is taken or has effect or any rights or interests accrued to any beneficiary under such fund or scheme at the date such action is taken or has effect.

(3) The Company may procure or assist in the establishment and support of, and may subscribe or otherwise contribute to the revenues of any institution, association, club or fund having objects or purposes appearing to offer facilities for the recreation or benefit of persons who are or have been employed by the Company or their wives, widows, families or dependants, or otherwise appearing to be in the interests of the Company.

(4) Retirement pensions first paid by the Company on an ex gratia basis before the entry into force of this Order shall continue to be paid during the lifetime of the pensioners concerned.

(5) All pensions and annuities paid by or on behalf of the Company shall be reviewed each year by the wardens and the wardens shall report the outcome of their review to the guardians at each annual meeting; and, if in the light of this review pensions paid in accordance with paragraph (1) above are increased, all other pensions and annuities paid by or on behalf of the Company before the entry into force of this Order in terms of paragraph (4) above shall also be increased, at the same time and at the same rate.

(6) The accounts of the Company presented to each annual meeting of the guardians shall include information on the total amount paid in pensions in the last financial year by or on behalf of the Company and on the number of pensioners concerned.