The London Transport (Compensation to Employees) Regulations 1970

Retirement compensation for diminution of pension rights

24.—(1) Regulations 21 and 22 shall apply and have effect in relation to a person to whom this Part of these regulations applies and who has suffered a diminution of pension rights as if—

(a) where that person has suffered such diminution by reason of a diminution of his pensionable emoluments, the annual sum and the lump sum (if any) payable to him as retirement compensation under those regulations were equal to such an annual sum and such a lump sum (if any) as respectively bear the same ratio to the sums which would be payable under those regulations, had he suffered a loss (instead of a diminution) of pension rights, as the ratio which the amount of the diminution of his pensionable emoluments bears to those emoluments before their diminution, and

(b) where that person has suffered diminution of pension rights for any other reason, the annual sum and the lump sum (if any) payable to him as retirement compensation under those regulations were equal to the annual sum and lump sum (if any) which would be payable under those regulations, had he suffered a loss (instead of a diminution) of pension rights, respectively reduced by the amount of any sums payable under his last relevant pension scheme in each year after retirement compensation becomes payable and by the amount of any lump sum paid or payable under that scheme.

(2) In the application of paragraph (1)(b) to an officer to or in respect of whom the provisions of any order made under section 74 of the Act of 1962 as read with section 136 of the Act of 1968 have effect so as to secure the payment or payments comprised in his accrued pension rights, the references in that paragraph to his last relevant pension scheme shall include a reference to any arrangements made under that scheme pursuant to such an order and to any arrangements made under that order for the purpose of discharging any liability of a body to make payments prescribed thereby.