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1. These Regulations provide for persons identified as chief officers and deputy chief officers of water authorities to elect for early retirement on enhanced pension terms and thereby forgo any right to claim compensation which might otherwise have been exercised under section 259 of the Local Government Act 1972, as applied by section 34 of the Water Act 1973.
2. Part I contains definitions.
3. Part II specifies (Regulation 3 and Schedules 1 and 2) the persons to whom the Regulations apply, and (Regulation 4) the procedure for giving a notice of election. A person who satisfies these two Regulations, and to whom no notice of objection is given by the employing authority, becomes a person duly entitled to the benefit of the Regulations.
4. Part III sets out the benefits for a person duly entitled, which are based on that person's accrued pension rights supplemented by the addition of notional years of service—up to 15 years in certain cases (Regulation 5). Provision is made for widows and dependants if such a person dies after becoming entitled to benefit (Regulations 6 and 7).
5. Part IV provides for adjustment and reduction of benefits in certain circumstances.
6. Part V contains miscellaneous provisions as to procedure.
7. Schedule 3 contains a model form of notice of election, with footnotes.
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