{
  "url": "https://openlegislation.uk/british-transport-pensions-of-employees-no-2-order-1968/article-8",
  "json_url": "https://openlegislation.uk/british-transport-pensions-of-employees-no-2-order-1968/article-8.json",
  "legislation": "uksi/1968/2012",
  "legislation_title": "The British Transport (Pensions of Employees) (No. 2) Order 1968",
  "legislation_url": "https://openlegislation.uk/british-transport-pensions-of-employees-no-2-order-1968",
  "path": "article/8",
  "kind": "article",
  "number": "8",
  "heading": null,
  "text": "(1) Subject to the provisions of this Order, this Article shall apply to (and only to) every discharged officer who at the date of his discharge is a participant in a funded scheme, or who, having immediately before entering the employment of the Commission been a participant in a funded scheme, is at the date of his discharge a member of a general scheme by virtue of Regulations made by the Minister under section 98 of the Transport Act 1947.\n(2) In respect of any discharged officer to whom this Article applies, and who, within a period of 12 months from the date of his discharge, obtains other employment in connection with which he has pension rights under another pension scheme (being a scheme approved in whole or in part by the Commissioners of Inland. Revenue under section 379 of the Income Tax Act 1952 or otherwise approved by them for the purposes of this Article), the appropriate body may, subject to the provisions of this Article, make arrangements with the persons administering that other scheme and, in the case of a participant in a funded scheme, with the persons administering that scheme, for the transfer to the persons administering that other scheme of a sum which equals in amount either—\n(a) the transfer value at the date on which the arrangements are made of his pension rights as defined for the purposes of his existing scheme, or\n(b) in the absence of such a definition, the estimated capital value at that date of his accrued pension rights,\nwith compound interest from the date on which the arrangements are made until such transfer is made:\nProvided that no such arrangements shall be concluded unless and until the appropriate body has communicated the terms thereof to the discharged officer concerned, has furnished him with a copy of a certificate given by the actuary of that other pension scheme certifying that the pension rights to be conferred on him under the arrangements, if made, will be actuarially equivalent to his accrued pension rights under his former scheme, and has obtained his consent to the making of the arrangements.\n(3) The reference in paragraph (2) of this Article to compound interest shall be construed as a reference to compound interest at the same rate and with the same rests as were applied—\n(a) in a case where the sum to be transferred is that referred to in sub-paragraph (a) of the said paragraph, for the purposes of the last periodical actuarial valuation of the fund held for the purposes of the scheme; and\n(b) in any other case, for the purposes of calculating the estimated capital value of the accrued pension rights referred to in that paragraph.\n(4) The sum to be transferred under any such arrangements as are referred to in paragraph (2) of this Article shall be determined by an actuary appointed by the appropriate body and the fees of any actuary so appointed shall be defrayed by the appropriate body.\n(5) The persons administering any pension scheme to whom any sum is transferred under any such arrangements as are referred to in paragraph (2) of this Article shall indemnify the appropriate body or, where the sum is transferred in respect of a participant in a funded scheme, the persons in whom any fund held for the purposes of the funded scheme is vested, against any liability for the payment of income tax in respect of the sum so transferred.\n(6) Notwithstanding anything to the contrary in any such scheme as is referred to in the foregoing provisions of this Article or any statutory provisions relating thereto or trust deeds, rules or other instruments made for the purposes thereof, the appropriate body and the persons administering the scheme shall be authorised to make such arrangements (including the disposal of funds held for the purposes of any funded scheme) as are referred to in paragraph (2) of this Article 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.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1968/2012/article/8",
    "retrieved_at": "2026-10-29T23:16:34.292917+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}