These Regulations provide for the preservation of the pension rights of employees of the British Transport Commission who cease to be in the employment of the Commission, or suffer a change in the nature or terms of their employment, in consequence of the denationalisation of road haulage, or the modifications of the functions of the Commission, or the reorganisation of the railways, provided for by the Transport Act, 1953.

Except in cases in which pension rights are transferred or continued in connection with new employment, the pension accrued up to the date on which the employee ceases to be employed by the Commission is normally to be paid to him at age 65 (age 60 for a woman) or at any earlier time at which he would under the rules of his scheme have been entitled to receive pension (Regs. 3 (2), 5 (1) (a), 6 (1) and 8 (1) (a)). The employee may elect instead to receive an immediate lump sum payment if the rules of his scheme provide for this, but if he does so he will have no other rights under these Regulations (Reg. 2). Where the amount of the accrued pension rights is small, the Commission (or, in the case of an insurance scheme, the life assurance company) may, at their option, commute their liability by an immediate lump sum payment (Regs. 5 (1) (b), 6 (2) and 8 (1) (b)).

The Commission may discharge their liability to preserve an employee's accrued pension rights by arranging for a life assurance company to make the payments at the appropriate time (Regs. 5 (2) and 8 (2)).

If all the members of an insurance pension scheme leave the Commission's employment at the same time and all enter the service of a single new employer who is willing to continue the scheme, the scheme is to continue and the new employer is to take the place of the Commission in relation to the scheme (Reg. 7).

In certain cases, where the employee enters a pension scheme in his new employment the Commission, or the administrators of the employees's former scheme, may pay to the other scheme the sum which represents the value of the employee's rights in his former scheme, but the Commission must first give the employee details of the proposed arrangements and must get his consent (Reg. 9).

Regulations 10 and 11 make it possible for an employee transferred to the employment of a company established under the provisions of section 4 or 5 of the Transport Act, 1953, to remain in membership of his scheme as long as the company, if a section 4 company, remains under the control of the Commission, or, if a section 5 company, until the shares are sold. An employee whose pay is reduced after transfer to the company may be allowed to continue to contribute to and benefit from his pension scheme by reference to his former rate of pay. Provision is made for the preservation of pension rights accruing during employment with the company.

An employee who remains in the employment of the Commission but suffers a reduction of pay may be allowed to contribute to and benefit from his pension scheme by reference to his former rate of pay. An employee who is transferred from a pensionable to a non-pensionable grade in the Commission's service can elect within three months to remain in his pension scheme; if he does not elect to remain, his accrued pension rights will be preserved as if he had lost his employment (Reg. 12).

Provision is made for the settlement of disputes (Reg. 13).