Explanatory note
This Order makes the following amendments to the Rules of the British Transport Commission (Male Wages Grades) Pension Scheme:—
The requirement that members of Section A of the Scheme must become members of Section B on being appointed to certain grades is removed and is replaced by a provision giving all present and future members of Section A an option to join Section B at any time up to their 64th birthday (Amendments to Rules 5, 5A and 26 and New Rule 5B).
Provision is made for a supplementary pension of 34p a week for persons who are now, or subsequently become, entitled to receive a pension from the Scheme. The supplementary pension will be payable from 1st January 1971 or the date of the commencement of the basic pension, whichever is later (New Rule 17B).
A limit is placed on the reductions to be made under Rule 31 in pensions from the Scheme in cases where a lump sum benefit is payable to the same person under certain other pension schemes. The amount of the reduction is not to exceed the amount of the lump sum. Provision is made for a refund in cases where the reduction already made has exceeded the lump sum (New Rule 31A).
The composition of the Central Committee of the Scheme is altered so as to increase the overall membership from 20 to 22 and vary the numbers of members nominated by certain bodies. Some only of the members so nominated are required to be members of the Scheme (Substituted Rule 32).