The British Transport Commission (Pensions of Employees) Regulations 1953

3.—(1) Subject to the provisions of these Regulations, this Regulation and the two next succeeding Regulations shall apply in relation to every funded scheme.

(2) In respect of any participant in a funded 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 revelant period, the Commission may, not later than three months after the date upon which he so loses his employment, make such arrangements with the persons administering the scheme as shall ensure to him his accrued pension rights. Any arrangements made under this paragraph may be determined by the Commission at any time upon giving to the persons administering the scheme three months' previous notice in writing.

(3) Notwithstanding anything to the contrary in any such scheme as aforesaid or any statutory provisions relating thereto or trust deeds, rules or other instruments made for the purposes thereof, the persons administering the scheme shall be authorised to make such arrangements (including the disposal of funds held for the purposes of the scheme) as are referred to in paragraph (2) of this Regulation and the said scheme, statutory provisions, trust deeds, rules and other instruments shall be construed accordingly and as though provision was duly made in the scheme for any arrangements so made.