LRT welfare schemes
5(1)The provision that may be made by order under section 411(1) of this Act includes provision with respect to the provision, under an LRT welfare scheme, of benefits for or in respect of persons who are or have been employees of—
(a)London Regional Transport or any subsidiary of London Regional Transport; or
(b)Transport for London or any subsidiary of Transport for London.
(2)For the purposes of sub-paragraph (1) above, the provisions of section 411 of this Act, and of the other paragraphs of this Schedule, shall apply in relation to an LRT welfare scheme as they apply in relation to a pension scheme, but taking references in those provisions to pensions as references to benefits and construing references to pension rights accordingly.
(3)The Secretary of State may by order amend the memorandum and articles of any company which is the trustee of an LRT welfare scheme for or in connection with permitting directors or shareholders of the company to be persons who are officers or servants of Transport for London or a subsidiary of Transport for London.
In this sub-paragraph “company”, “memorandum” and “articles” have the same meaning as in the [1985 c. 6.] Companies Act 1985.
(4)Any powers—
(a)which were vested in the London Transport Board in relation to an LRT welfare scheme, and
(b)which have not become vested in London Regional Transport by virtue of a transfer under section 16(1) of the [1969 c. 35.] Transport (London) Act 1969 or otherwise,
shall be deemed to be vested in London Regional Transport by virtue of such a transfer.
(5)Anything done at any time by or in relation to London Regional Transport—
(a)before the coming into force of sub-paragraph (4) above, and
(b)in reliance on any power deemed by that sub-paragraph to be vested in London Regional Transport,
shall be as valid and effective as if the power had at that time been vested in London Regional Transport.