# The British Waterways Board (Alteration of Pension Schemes) (No. 2) Order 1971, Article 6: Alterations in the terms of certain insurance schemes


(1) This Article shall apply to the pension schemes listed in Schedule 2 to this Order.
(2) Where a member of a pension scheme to which this Article applies becomes a member of the New Fund on or after 13th September 1971, the following provisions shall have effect:—
(a) upon the date of his admission to membership of the New Fund he shall (subject to this Order) cease to be liable to pay contributions to that scheme, and
(b) as soon as may be after that date the Board shall make such arrangements as may be appropriate to secure to that member by means of insurance policies his accrued pension rights in that scheme.
(3) Any such insurance policy as is referred to in paragraph (2) of this Article may provide that the policy may be surrendered, by or at the request of the member in whose favour it is issued, upon condition that the sum payable as consideration for the surrender is paid to the New Fund, but in all other respects every such insurance policy shall be non-assignable and non-commutable.

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Source: https://www.legislation.gov.uk/uksi/1971/1780/article/6 (the official version)
Page: https://openlegislation.uk/british-waterways-board-alteration-of-pension-schemes-no-2-order-1971/article-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.