Commentary on Sections Section 1
10.Section 1(1) gives authority to the Trustees to make a payment of capital to each person who was a wife of a contributing member of the Fund on 13 November 2015. As part of the consultation process, the wives of contributing members were notified of the Trustees’ intention to make such payments and to dissolve the widows’ annuity fund, by letter dated 13 November 2015. These capital payments are based on an actuarial calculation of these persons’ interests in the Fund in lieu of future annuities that they might otherwise have received from the Fund as widows.
11.Section 1(2) provides that these persons, having accepted the capital payments, will no longer be entitled to receive annuity payments should they be widowed.
12.Section 1(3) sets out the timeframe for the payments authorised by section 1(1). They are to be made within a one-month period starting the day after Royal Assent.