The National Freight Corporation (Alteration of Pension Schemes) (No.1) Order 1971

Alterations in the terms of certain schemes for providing pensions and other benefits

5.—(1) This Article shall apply to the pension schemes listed in Schedule 1 to this Order.

(2) A person who becomes a member of the New Fund on or after the 1st February 1971 shall, so long as he is a contributing member of the New Fund, be ineligible for membership of a pension scheme to which this Article applies.

(3) Where a member of a pension scheme to which this Article applies becomes a member of the New Fund on or after the 1st February 1971, the following provisions shall have effect:—

(a) upon the date of his admission to membership of the New Fund he shall cease to be a member of that pension scheme, his right to receive benefit from that scheme shall cease, and (except as hereinafter provided) his liability to pay contributions to that scheme (where the scheme is a contributory scheme) shall cease; and

(b) as soon as may be after that date the persons administering that pension scheme shall pay to the New Fund an appropriate transfer value in respect of the accrued pension rights of that member in that scheme.

(4) Where under the foregoing provisions of this Article a person who has a right of re-admission to a pension scheme to which this Article applies becomes ineligible for membership thereof, that right of re-admission shall not be exercisable so long as the ineligibility continues.