Explanatory note

These Regulations make special provision for meeting the cost of pension increases for employees and former employees of South Yorkshire Transport Limited, a company admitted to the superannuation fund administered by the South Yorkshire Pension Authority. The pension increases arise from the provisions of the Pensions (Increase) Act 1971.

Regulation 2 requires South Yorkshire Passenger Transport Executive to pay the cost of pension increases for employees of the Passenger Transport Company who have ceased to be employed before 1st April 1992 or after 7th June 1993. Mainline Group Limited are required to pay the cost of pension increases for employees who have ceased to be employed by South Yorkshire Transport Limited on or after 1st April 1992 and before 7th June 1993 and for employees of Mainline Group Limited.

Regulation 3 clarifies the liabilities of the Executive in respect of persons whose service ended with service with the Transport Company on or after 1st April 1992 but before 7th June 1993, or ends with service with Mainline Group Limited.

Regulation 4 provides for the South Yorkshire Transport Authority to establish a new fund, to which it is intended that Mainline Group Limited will be admitted by agreement.

Provision is made in regulation 5 for the payment of a transfer value to the new fund.