Pensions of E x-B.T.C. Staff
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NEW regulations which, among other things, preserve the pension rights of employees of the British Transport Commission who lose their employment or whose terms of employment are changed as a result of the denationalization of road haulage, come into force on October 13. They are the British Transport Commission (Pensions of Employees) Regulations, 1953.
Except when pension rights are transferred or continued in new employment, the pension accrued up to the date of leaving the B.T.C. is normally to be paid to the man at the age of 65 (or at 60 for a woman), or at any earlier time according to the rules of the superannuation scheme.
If the rules permit, the employee may elect to receive an immediate lump-sum payment. Where the amount of accrued pension rights is small, the Commission or the life assurance company may commute their liability by an immediate lump-sum payment.
If all the members of a scheme leave the Commission at the same time and all join the same new employer, who is willing to continue it, the employer will take over the Commission's responsibilities.
Where an employee enters a pension scheme in his new post, the value of his rights in the Commission's scheme may be transferred, but his consent must first be obtained.
Provision is made to safeguard the pension rights of employees of companies set up under Sections 4 or 5 of the Transport Act, 1953.