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

4.—(1) Subject to the provisions of these Regulations, the subsequent provisions of this Regulation shall be terms of any pension scheme to which these Regulations apply and notwithstanding anything to the contrary therein contained, every such scheme and any statutory provisions relating thereto and all trust deeds, rules and other instruments made for the purposes thereof shall be construed accordingly.

(2) Subject to the provisions of this Regulation, the persons administering the scheme or, as the case may be the persons in whom any funds held for the purposes of the scheme are vested shall pay to or in respect of any officer or servant to whom these Regulations apply, being a participant in the scheme, as from the date of the pensionable event the payment or payments comprised in his accrued pension rights.

(3) In the case of any officer or servant to whom these Regulations apply who before the happening of the pensionable event leaves the employment upon which he enters after the date of change, paragraph (2) of this Regulation shall have effect as if the reference therein—

(a) to payment as from the date of the pensionable event were a reference to payment within three months of the date upon which he leaves that employment;

(b) to the payment or payments comprised in his accrued pension rights were a reference to such payment or payments comprised in his accrued pension rights as would have been payable under the scheme had he voluntarily ceased to be a participant therein at the date of change.

(4) In the case of any officer or servant to whom these Regulations apply who after the date of change becomes employed by a person carrying on a railway undertaking in a country outside of the United Kingdom, not being a foreign country, the payment or payments comprised in his accrued pension rights falling to be made under paragraph (2) of this Regulation shall, so far as they are attributable to his having been a participant in a railway pension scheme, be reduced, according to his age at the date of the pensionable event, by the percentage shown in the appropriate column of the table set out in the schedule to these Regulations:

Provided that the provisions of this paragraph shall not apply in any case where such an officer or servant whilst so employed dies or retires on the ground of ill health before attaining the age at which persons so employed are normally required to retire.

(5) Subject to the foregoing provisions of this Regulation, the rules of any pension scheme to which these Regulations apply shall apply in relation to the accrued pension rights of any officer or servant to whom these Regulations apply, being a participant in the scheme, as they apply in relation to the pension rights of other participants in the scheme at the date of change.