Explanatory note

These Regulations apply the Pensions (Increase) Act 1974 to pensions payable by the trustees of a trustee savings bank or by the Inspection Committee of trustee savings banks. Such pensions which begin after 1st January 1973 qualify for the special pensions increases under the 1974 Act. The Regulations specify those pensions which are payable in respect of service as an officer of the Inspection Committee or of a trustee savings bank in a grade which suffered deferment of a pay increase in consequence of the Counter-Inflation (Temporary Provisions) Act 1972 during the period 6th November 1972 to 31st March 1973; these pensions will consequently be increased in accordance with Part 1 of the Schedule to the 1974 Act. All other pensions payable by the trustees of a trustee savings bank will be increased in accordance with Part II of the Schedule to the 1974 Act.

The Regulations also specify the “relevant date”—the date of the principal pay increase made during the year ending 6th November 1974—for the grades concerned.

Under the powers of section 4(3)(a) of the 1974 Act the Regulations provide for increases payable by virtue of the Regulations to take effect from 1st December 1973.