The British Transport Commission (Pensions of Employees) Regulations 1953

5.—(1) Subject to the provisions of this Regulation, the Commission shall pay to or in respect of every officer or servant in whose case the persons in whom any funds held for the purposes of the scheme are vested are under the last preceding Regulation liable to transfer to the Commission any sum—

(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 which the persons in whom the fund held for the purposes of that scheme is vested may become liable to pay by way of income tax in respect of the amount transferred by way of transfer value or estimated capital value:

Provided that—

(i) 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;

(ii) for the purposes of this paragraph, the expression “accrued pension rights” excludes any pension payable during the period that any such arrangements as are referred to in paragraph (2) of Regulation 3 of these Regulations are in force.

(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 his pension 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.