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Clause 40—(Provisions As To Pension Rights)

Volume 464: debated on Tuesday 3 May 1949

The text on this page has been created from Hansard archive content, it may contain typographical errors.

Amendments made: In page 43, line 47, leave out "publicly-owned company," and insert "company which comes into public ownership."

In page 45, line 10, at end, insert:

"(4) Where, by reason of any such amendment, repeal, revocation, transfer, extinguishment or winding-up as is mentioned in subsection (2) of this section, loss is suffered by any person (not being a publicly-owned company) liable as an employer to make contributions or to pay pensions under the existing pension scheme in question, the Corporation shall pay compensation to that person in respect of that loss, and the amount thereof shall, in default of agreement between the Corporation and that person, be determined by arbitration under this Act."—[Mr. G. R. Strauss.]

6.15 p.m.