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The Pensions Increase (Power Jets) Regulations 1973
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- UK Statutory Instruments
- 1973 No. 942
- Explanatory Note
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EXPLANATORY NOTE
These Regulations apply to certain persons who have retired from the civil service and were formerly employed by Power Jets (Research and Development) Limited, and who receive retirement benefits under certain pension schemes providing benefits by means of insurance policies.
The Regulations provide for the payment of allowances corresponding to the increases for which the persons concerned would have been eligible under the Pensions (Increase) Act 1971 if they had been pensionable in the normal way under the principal civil service pension scheme. The allowances will be calculated on a “notional pension” and, in certain circumstances, a “notional lump sum” corresponding to the pension and lump sum a person would have received if he had been subject to the civil service pension scheme and entitled to reckon under that scheme his service during which he was subject to the insurance policy scheme.
In accordance with the power conferred by section 13(5) of the 1971 Act, the Regulations provide for the increase to take effect from 1st September 1971.
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