compensation functionsmeans functions relating to— (a) the payment of benefit or compensation in respect of early retirement or for loss of employment, or (b) redundancy payments within the meaning of the Employment Protection (Consolidation) Act 1978, which were exercisable by the National Water Council, or which are exercisable by the pension authority by virtue of regulations under paragraph 8 of Schedule 2 to the Water Act 1983.”
superannuation functionsmeans the functions of an administering authority under the Local Government Superannuation Regulations 1974 to 1983,and • “compensation functions” means functions relating to— (a) the payment of benefit or compensation in respect of early retirement or for loss of employment, or (b) redundancy payments within the meaning of the Employment Protection (Consolidation) Act 1978, which were exercisable by the National Water Council, or which are exercisable by the pension authority by virtue of regulations under paragraph 8 of Schedule 2 to the Water Act 1983.”
the 1974 regulationsmeans the Pensions Increase (Local Authorities' etc.