The Local Government Superannuation (Greater Manchester Buses Limited) Regulations 1994

Explanatory Note

(This note is not part of these Regulations)

The Regulations provide that the Greater Manchester Passenger Transport Executive will meet the liability of the pensions increases for employees whose service ended with Greater Manchester Buses Limited. Greater Manchester Buses North Limited and Greater Manchester Buses South Limited are to meet the liability of the pensions increases for employees whose service ends with either of them (regulation 2). The funding of this liability is provided for by regulations 2 and 3. Regulation 2 is by virtue of section 12 of the Superannuation Act 1972 retrospective to 13th December 1993, the date on which certain employees transferred to the two new companies.

Employees of Greater Manchester Buses South Limited who are members of the Local Government Superannuation Scheme on the coming into force of these Regulations may continue as members by virtue of an admission agreement between their employers and the scheme administering authority notwithstanding the Local Government Superannuation (Membership) Regulations 1993 under which they otherwise would have had to leave the scheme on the sale to the private sector of that bus company (regulation 4). Provision is made that this arrangement may only be terminated on 3 months' notice by the agreement of a majority of the company’s employees who are in the scheme (regulation 5).