The British Transport Commission (Pensions of Employees) Regulations 1953

General Schemes

8.—(1) Subject to the provisions of these Regulations, the Commission shall pay to or in respect of every officer or servant, being a participant in a general scheme who loses his employment as an officer or servant in consequence of the relevant event, the cause of such loss having arisen within the relevant period,—

(a) as from his reaching the relevant age, or as from the happening of any other contingency carrying entitlement to pension under the scheme, the payment or payments comprised in his accrued pension rights; or

(b) at the option of the Commission in any case where the sum does not exceed £250, a lump sum equal in amount to the estimated capital value of his accrued pension rights at the date when the option is exercised, as determined by an actuary appointed by the Commission, reduced by an amount equal to any sum payable by way of income tax in consequence of the payment of the said lump sum:

Provided that the provisions of sub-paragraph (b) of this paragraph shall not apply in any case where the option is not exercised within six months after the date upon which the officer or servant loses his employment as an officer or servant or, being a person to whom Regulation 10 of these Regulations applies, after the date on which his service with any such company as is referred to in that Regulation is deemed to have ceased for any of the reasons therein specified.

(2) The Commission may discharge their liability under sub-paragraph (a) of the last preceding paragraph by making such arrangements with a life assurance company as will ensure to or in respect of the officer or servant concerned as from his reaching the relevant age or as from the happening of any other contingency carrying entitlement to pension under the scheme, the payment or payments comprised in his accrued pension rights.

(3) Except as aforesaid, the Commission shall be under no liability to or in respect of the officer or servant concerned by reason of any rights under or arising out of his participation in the scheme.

(4) In this Regulation the expression “participant” includes a person who does not contribute or has not contributed under the scheme and has pension rights thereunder.