The British Transport Commission (Amendment of Pension Schemes) Regulations 1954

EXPLANATORY NOTE

These Regulations provide for the preservation of the accrued pension rights of certain members of railway salaried staff pension schemes, employed by the British Transport Commission or formerly employed by the Commission and now employed by the Ulster Transport Authority, who transfer to the employment of the British European Airways Corporation or to railway employment in a country (other than a foreign country) outside the United Kingdom.

The pension rights accrued up to the date of transfer will normally be payable when the employee retires from the employment to which he transfers or when an event occurs which would have given rise to benefit under the rules of his pension scheme. If an employee who transfers to railway employment retires (otherwise than on the ground of ill health) at an earlier age than that at which he could have retired on pension if he had not transferred, the retirement benefits will be reduced by the percentage show in the Schedule.