EXPLANATORY NOTE
These Regulations modify the London Transport and railway staff superannuation schemes to take account of the fact that members of these schemes are insured persons under the National Insurance Acts. Provision is made, subject to certain conditions and exceptions, for reduction of the future contributions payable under the schemes by the members and their employers and for corresponding reduction of the pensions payable under the schemes. The maximum pension reduction is £67—12—0 a year. These reductions are compulsory in respect of existing and future members of railway schemes who entered railway service after 31st December 1947 or became employed by the Railway Clearing House after 1st January 1948 and (with certain exceptions) in respect of persons who became members of the London Transport scheme on or after 29th July 1947 or become members in the future. Other members can elect to have the reductions applied. In certain cases, members can elect for further reduction of future contributions, with correspondingly greater reduction of pension within the maximum.