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Lner Superannuation Fund (Option)

Volume 480: debated on Monday 13 November 1950

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102.

asked the Minister of Transport whether in view of the fact that the consolidation of war allowances for the purposes of superannuation has invalidated the basis on which the option fell to be considered, he will take steps to enable members of the London and North-Eastern Railway Superannuation Fund to revoke their exercise of options, pursuant to the London and North-Eastern Railway (Superannuation Fund) Act, 1939, in favour of retiring on the benefits of the North-Eastern Railway Superannuation Fund.

When the London and North Eastern Railway Superannuation Fund was inaugurated on 1st July, 1939, the members of the old superannuation funds, including the North Eastern Railway Superannuation fund, were transferred to it. The rules of the L.N.E.R. Fund provided that such transferred members could exercise an option to take the retirement benefits of their old funds, and a period of five years, ending on 30th June, 1944. was allowed for the exercise of this option. The option, once exercised, was irrevocable and it would be undesirable to allow an option to be re-opened when it has subsequently transpired that the choice made by the individual was less favourable to him than the choice he might have made.