Transport (London) Act 1969

18 Provisions as to pensions functions

(1) Subject to subsection (3) of this section, the provisions of subsections (2) to (9) of section 74 of the Act of 1962 (which relate to the Minister's power to make orders about pensions) shall have effect as if—

(a) the expression " Board " included the Executive; and

(b) the references in subsection (1)(a)(ii) of that section to the Commission included references to the London Board; and

(c) the reference in subsection (2)(a) of that section to a pension scheme in which employees of the Commission or a subsidiary of the Commission participated before the date there mentioned included a reference to a pension scheme in which employees of, or of a subsidiary of, the London Board participated before the vesting date.

(2) The Minister shall by order under the said section 74 as applied by subsection (1) of this section provide for the rights, liabilities and functions of the London Board relating to pensions or pension schemes, and any property held by that Board on trust for a pension scheme, to be divided between the Executive and the designated company, and on the vesting date transferred to them respectively, in such manner as he considers appropriate; and—

(a) that order may apply to the transfer under the order such of the provisions of Schedule 2 to this Act subject to such modifications as the Minister may consider appropriate; and

(b) save as may be provided by that order, the provisions of sections 16 and 17 of this Act shall not apply in relation to the property, rights, liabilities or functions to which the order relates.

(3) Nothing in the provisions of the said section 74 as applied by subsection (1) of this section shall prejudice the powers conferred on the Executive by section 6(1)(k) of this Act, and the powers conferred on the Minister by the said section 74—

(a) except on the application of the Executive made with the approval of the Council—

(i) shall not be exercisable in relation to any pension scheme established in pursuance of the powers conferred on the Executive as aforesaid; or

(ii) in the case of any Executive-transferred scheme which is a London transport scheme, shall not be exercisable in relation to participants in that scheme who are or have been employees of, or of a subsidiary of, the Executive; and

(b) except as aforesaid, and except where the Minister is satisfied that the exercise proposed of those powers will not result in any increase in the obligations or liabilities of the Executive, shall not be exercisable in the case of any other Executive-transferred scheme in relation to participants in that scheme who are or have been such employees as aforesaid ;

and nothing in, or in any order made under, the said section 74 as applied as aforesaid shall require the consent or approval of the Minister to any action by the Executive with respect to such only of the participants in any pension scheme as are or have been such employees as aforesaid.

In this subsection, the expression " Executive-transferred scheme " means a pension scheme in connection with which rights, liabilities and functions of, or property held by, the London Board have been transferred to the Executive under subsection (2) of this section, and the expression "London transport scheme " means a pension scheme specified in Part 2 of the Schedule to the [S.I. 1962/2758.] British Transport Reorganisation (Pensions of Employees) (No. 3) Order 1962, or established by or for the former London Transport Executive set up under the [1947 c. 49.] Transport Act 1947 or by or for the London Board.

(4) Any person who—

(a) on or before the vesting date, ceases to be employed by one, and becomes employed by another, of the following bodies, namely, the London Board, the Executive, any of the national transport authorities and any subsidiary of that Board, the Executive or any of those authorities ; or

(b) on the transfer date for the purposes of any transfer under section 21(3) or 22(2) of this Act is employed by a company which immediately before that date was a subsidiary of one body but on that date becomes a Part III subsidiary of another body,

shall not in consequence cease to be eligible to participate in any pension scheme in which he was a participant immediately before so ceasing to be employed or, as the case may be, immediately before that transfer date.

(5) In the application of subsection (3) or (4) of this section to a pension scheme the benefits under which are or will be receivable as of right, persons who have obtained pension rights under the scheme without having contributed under the scheme shall be regarded as participants in the scheme; and the reference in the said subsection (4) to being eligible to participate in a pension scheme shall be construed accordingly.

(6) Subsections (4) and (5) of this section shall have effect subject to any order under the said section 74 made by virtue of subsection (1) of this section, being an order taking effect on or at any time after the vesting date.