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Public Authorities Superannuation (Metropolitan Water Sewerage and Drainage Board “A” Class Subsidised Assurance Scheme Transfer) (Savings and Transitional) Regulation 1986
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Turn the raw legal text into a practical explanation grounded in Public Authorities Superannuation (Metropolitan Water Sewerage and Drainage Board “A” Class Subsidised Assurance Scheme Transfer) (Savings and Transitional) Regulation 1986.
6 Transfer of former members of the scheme
(1) In this clause:
former member means a person who, immediately before 1st July, 1986, was a member of the scheme but who:
(a) ceases to be such a member before 1 October 1986, without having lodged with the Board an election to contribute to the Fund in accordance with clause 4 (1), or
(b) having lodged such an election with the Board, ceases to be such a member before the day determined by the Board under clause 4 (2) in relation to that election.
(2) A former member shall be deemed to have made an election under section 11 of the Act (election to contribute to the Fund) which took effect on the day immediately preceding the day upon which the person ceased to be a member of the scheme and, with respect to such an election, section 11 of the Act shall be construed as if subsections (2) and (3) of that section had not been enacted.
(3) A former member is not entitled to apply for or be granted additional benefit cover under section 12 of the Act (additional benefit).
(4) Except as provided by subclause (5), any benefit payable to a former member shall be calculated as if the former member were a transferred contributor.
(5) Clause 5 shall be construed, in relation to a former member, as if the reference in that clause to the day determined by the Board under clause 4 (2) were a reference to the day immediately preceding the day upon which the person ceased to be a member of the scheme.
(6) Where the Board pays a benefit to a former member, the Board shall debit the amount of that benefit to the appropriate employer reserve established in the Fund under section 9 of the Act (certain accounts and reserves to be established).