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STATUTORY INSTRUMENTS


2001 No. 2264

TRANSPORT

The Railway Pensions (Designation, Substitution and Miscellaneous Provisions) Order 2001

  Made 20th June 2001 
  Laid before Parliament 21st June 2001 
  Coming into force 13th July 2001 

Whereas the 1994 Pensioners "B" Section of the Railways Pension Scheme (being a new scheme within the meaning of Schedule 11 to the Railways Act 1993[1]) has been wound up by virtue of the operation of Rule 19 of the Rules of that section and its assets and liabilities transferred to the 1994 Pensioners "A" Section of that scheme;

     And whereas the name of the 1994 Pensioners "A" Section has been changed to the 1994 Pensioners Section;

     And whereas on 4th December 2000 the Secretary of State[2] gave a guarantee under paragraph 11 of Schedule 11 to the Railways Act 1993 in relation to the 1994 Pensioners Section, in substitution for the guarantees given by him under that paragraph on 8th and 30th September 1994;

     And whereas the Secretary of State has laid before each House of Parliament a copy of the first mentioned guarantee in accordance with section 52D(3) of the Transport Act 1980[3];

     And whereas the 1994 Pensioners Section includes the Article 2 Section and the Article 5 Section, (which sections are designated in the following Order under paragraph 10(1) of Schedule 11 to the Railways Act 1993);

     And whereas the Secretary of State has consulted the trustees of the Article 2 Section and the Article 5 Section in accordance with section 52D(1) of the Transport Act 1980;

     Now therefore, the Secretary of State, in exercise of the powers conferred on him by paragraph 10 of Schedule 11 to the Railways Act 1993 and sections 52B and 52D(4) and (5) of the Transport Act 1980[4] and all other powers enabling him in that behalf, hereby makes the following Order: - 

Citation, commencement and interpretation
     1.  - (1) This Order may be cited as the Railway Pensions (Designation, Substitution and Miscellaneous Provisions) Order 2001 and shall come into force on 13th July 2001.

    (2) In this Order - 

a reference to an actuarial valuation which has been signed shall be taken to be a reference to an actuarial valuation which has been signed by or on behalf of the actuaries, and cognate expressions shall be construed accordingly.

    (3) Where this Order requires any payment to be made on any particular day that payment shall be made on that day, or if that day is not a business day on the next following business day.

    (4) Except so far as the context otherwise requires, any reference in this Order to a numbered article is to the article in this Order which bears that number.

The Article 2 Section
     2. Those persons who - 

shall be treated as constituting a section of the Railways Pension Scheme; and that section is hereby designated as a pension scheme which is to be treated as included among those schemes which are B.R. pension schemes for the purposes of Part III of the Transport Act 1980, for the purpose of requiring or enabling the Secretary of State to make payments under sections 52(1), 52A, 52B or 52C of that Act.

The Article 3 Section
     3. Those persons who - 

shall be treated as constituting a section of the Railways Pension Scheme; and that section is hereby designated as a pension scheme which is to be treated as included among those schemes which are B.R. pension schemes for the purposes of Part III of the Transport Act 1980, for the purpose of requiring or enabling the Secretary of State to make payments under sections 52(1), 52A, 52B or 52C of that Act.

Termination dates and determination of unfunded obligations
     4.  - (1) The date which, for the purposes of section 52B of the Transport Act 1980, is to be the termination date in relation to the Article 2 Section is 13th August 2001, and the liability of the Secretary of State to make to the persons administering the Article 2 Section payments under section 52(1) of the Transport Act 1980 in relation to that section shall not continue after that date.

    (2) As at the termination date in relation to the Article 2 Section, the capital value of the unfunded obligations in the case of that section is £18,052,000, such amount having been determined by the Secretary of State.

    (3) The date which, for the purposes of section 52B of the Transport Act 1980, is to be the termination date in relation to the Article 3 Section is 13th August 2001, and the liability of the Secretary of State to make to the persons administering the Article 3 Section payments under section 52(1) of the Transport Act 1980 in relation to that section shall not continue after that date.

    (4) As at the termination date in relation to the Article 3 Section, the capital value of the unfunded obligations in the case of that section is £114,000, such amount having been determined by the Secretary of State.

Payments in respect of unfunded obligations
    
5.  - (1) Schedule 1 to this Order shall have effect for the purpose of - 

    (2) Any payment required to be made by the Secretary of State under Schedule 1 shall be made to the persons administering the Sections.

Position if Sections are wound up
    
6.  - (1) The obligations to make payments under Schedule 1 to this Order shall be discharged if both the Sections have, in the opinion of the Secretary of State, been wound up.

    (2) Where it appears to the Secretary of State that both the Sections may have been wound up, the Secretary of State shall consult the trustee of the Railways Pension Scheme in order to ascertain whether this is the case and shall thereafter make a determination as to whether both the Sections have been wound up.

    (3) The Secretary of State shall notify the trustee of the Railways Pension Scheme of any determination by him that in his opinion both the Sections have been wound up.

Amendment of the 1994 Order
    
7. Schedule 2 to this Order shall have effect for the purpose of amending the 1994 Order.

Amendment of the 1995 Order
    
8. Schedule 3 to this Order shall have effect for the purpose of amending the 1995 Order.



Signed by authority of the Secretary of State


David Jamieson
Parliamentary Under Secretary of State Department for Transport, Local Government and the Regions

20th June 2001



SCHEDULE 1
Article 5


PAYMENTS OF CAPITAL AND INTEREST IN RESPECT OF THE SUM OF THE CAPITAL VALUES SPECIFIED IN ARTICLE 4(2) AND (4)


     1.  - (1) In this Schedule - 

    (2) In the event that any index referred to in this Schedule is not published within 15 days of the date on which such index should have been published the relevant provision shall be taken to refer to such value as the actuaries shall determine to be appropriate in all the circumstances of the case.

    (3) In this Schedule, unless the context otherwise requires, any reference - 

     2.  - (1) Subject to the provisions of paragraphs 4 and 11, if, on any relevant date in relation to any year after 2010 ("the relevant year"), the circumstances specified in sub-paragraph (2) have arisen in relation to the amount specified in column 2 of Table B in relation to the relevant year ("the specified amount"), from 13th April in the relevant year the Secretary of State shall be under a duty to make 120 payments amounting in aggregate to that amount, the first such payment to be made on 14th April in the relevant year and subsequent payments to be made on the fourteenth day of each following month.

    (2) The circumstances referred to in sub-paragraph (1) are that the total of the relevant amounts in relation to the specified amount is more than A + B, where - 

    (3) In this paragraph - 

    (4) The amount of each payment required to be made under this paragraph shall be determined in accordance with paragraph 9.

     3.  - (1) Subject to the provisions of paragraphs 4 and 11, if, on any relevant date in relation to any year after 2004 in which 13th April is not less than three months and not more than fifteen months after the date of signature of the relevant actuarial valuation in relation to that year ("the relevant year"), the circumstances specified in sub-paragraph (2) have arisen, then, from 13th April in the relevant year the Secretary of State shall be under a duty to make payments in respect of such amounts as he may notify to the persons administering the Article 2 Section and the Article 3 Section on or before 13th April in the relevant year as being such of the amounts specified in sub-paragraph (3) (taken in the order specified in sub-paragraph (4)) as would, if they, together with any interest added to the outstanding balance of any such amount under paragraph 5(1) or (3) or 7(1) which has not been paid, had not been relevant amounts for the purposes of sub-paragraph (2), have resulted in the circumstances specified in sub-paragraph (2) not arising.

    (2) The circumstances referred to in paragraph (1) are that the total of the relevant amounts exceeds A + C where - 

    (3) The amounts referred to in sub-paragraph (1) are - 

    (4) The amounts specified in sub-paragraph (3)(a) are to be taken before the amounts specified in sub-paragraph (3)(b); the amounts specified in sub-paragraph (3)(a) are to be taken in the order in which those amounts are specified in Table B; and the amounts specified in sub-paragraph (3)(b) are to be taken in the order in which those amounts are specified in Table B.

    (5) Where this paragraph requires the Secretary of State to make payments in respect of any amount specified in sub-paragraph (3)(a), those payments shall be made by making 120 payments, the first to be made on 14th April of the year specified in column 1 of Table B against that amount and subsequent payments to be made on the fourteenth day of each following month; and the amount of each such payment shall be determined in accordance with paragraph 9.

    (6) Where this paragraph requires the Secretary of State to make payments in respect of any amount specified in sub-paragraph (3)(b), that amount shall be divided into three equal parts and the Secretary of State shall make 120 payments in respect of each such part, the first payment to be made, in respect of one part, on 14th April of the relevant year and, in respect of each other part, on 14th April of the two next following years, respectively, and subsequent payments in respect of each part to be made on the fourteenth day of each following month; and the amount of each such payment shall be determined in accordance with paragraph 9.

    (7) In this paragraph - 

    (8) For the purposes of this paragraph, Table B shall be treated as if - 

     4.  - (1) Subject to the following provisions of this paragraph, if from 13th April in any year ("the specified year") the Secretary of State does not come under a duty by virtue of paragraph 2 to make payments in respect of the amount specified in column 2 of Table B in relation to the specified year ("the specified amount") and there is on 14th April of the specified year no subsisting duty on the Secretary of State to make payments in respect of that amount under paragraph 3, then thereafter the provisions of this Schedule shall apply to the specified amount and any interest added to that amount by any provision of this Schedule which has not been paid as if the specified amount had been deleted from column 2 of Table B in relation to the specified year and added to the amount ("the later amount") (if any) specified in column 2 of Table B in relation to the year ("the later year") 10 years later than the specified year and as if the total, or the specified amount, as the case may be ("the substituted amount"), had been inserted in column 2 of Table B in relation to the later year, and, unless the contrary intention appears, any reference in this Schedule (including this paragraph) (however expressed) to a Table B amount, to an amount specified in column 2 of Table B in relation to any particular year, or to the outstanding balance of a Table B amount, shall be construed accordingly.

    (2) If - 

then paragraph 2 or 3, as the case may be, shall impose on the Secretary of State a duty to make payments in respect of such of the Table B amounts as are comprised in that composite amount as he may notify to the persons administering the Article 2 Section and the Article 3 Section, before 14th April in the relevant year for the purposes of that paragraph, as being such of those amounts as would, if they, together with any interest added to the outstanding balance of any such amount under paragraph 5(1) or (3) or 7(1) which has not been paid, had not been comprised in a relevant amount, have resulted in the circumstances specified in paragraph 2(2) or 3(2) not arising.

    (3) Where the application of sub-paragraph (2) has resulted in the duty to make payments arising in respect of one or more, but not all, Table B amounts comprised in a composite amount, any reference in sub-paragraph (1) (however expressed) to a Table B amount shall include any Table B amount which is comprised in a composite amount.

    (4) Where, by virtue of sub-paragraph (2), a duty to make payments has arisen in relation to a Table B amount which is comprised in a composite amount, then thereafter, in paragraphs 2 and 3 (including paragraph 3 as it applies for the purposes of paragraph 11) - 

    (5) In this paragraph - 

     5.  - (1) Interest shall accrue from 13th August 2001 to 13th October 2001 on the outstanding balance for the time being of each Table B amount, on 13th October 2001, at the rate of 2.50 per cent per annum, and shall be added to the outstanding balance of the Table B amount in respect of which it has accrued on 14th October 2001.

    (2) Subject to the provisions of paragraph 8, during each relevant period from 13th October 2001 to 13th October in the year 10 years earlier than the year speified in column 1 of Table B in relation to any Table B amount except the first amount specified in column 2 of that Table ("the relevant Table B amount") interest shall accrue on 13th October in each year on the outstanding balance for the time being of the relevant Table B amount at the rate determined in accordance with sub-paragraph (4) in relation to the relevant period.

    (3) Interest which has accrued under sub-paragraph (2) shall be added to the outstanding balance of the relevant Table B amount on the day after it has accrued.

    (4) The rate in relation to any period shall be - 

Z
(1.025 ×(
) - 1) × 100 per cent per annum
W
where - 

and for the purposes of this paragraph Z/W shall be calculated to three decimal places and, if it is less than one, it shall be treated as one.

    (5) In this paragraph "relevant period" means the period of 12 months during which interest accrues under sub-paragraph (2) beginning on 14th October in any year.

     6.  - (1) Subject to the provisions of paragraph 8, during each relevant period from the relevant date in relation to any Table B amount ("the relevant Table B amount") interest shall accrue, on 13th October in each year, on the outstanding balance for the time being of the relevant Table B amount at the rate determined in accordance with sub-paragraph (2) in relation to the relevant Table B amount and in relation to the relevant period.

    (2) The rate shall be - 

P
Z
((1 +
× 1.005 × (
- 1) × 100 per cent per annum.
100W
    (3) In this paragraph - 

Q
"P" equals ((1 +
)2 - 1) × 100;
2400

     7.  - (1) A proportion of the interest ("the total of the interest") which has accrued under paragraph 6 on 13th October in any year ("the relevant year") on the outstanding balance of any Table B amount ("the relevant Table B amount"), being such proportion as is determined in accordance with sub-paragraph (2), shall, on the day after it has accrued, be added to the outstanding balance of the amount specified in column 2 of Table B in relation to the year 10 years later than the relevant year, and the remaining interest shall be paid by the Secretary of State on 14th October in the relevant year.

    (2) The proportion of the interest which is required by sub-paragraph (1) to be added to the outstanding balance of any Table B amount is that proportion of the total of the interest which X bears to Y, subject to a maximum of 100 per cent, where - 

    (3) For the purposes of calculating Y - 

    (4) In this paragraph - 

    (5) Where, at the time when sub-paragraph (1) requires a proportion of interest to be added to the outstanding balance of an amount specified in a particular place in column 2 of Table B, no amount is so specified, there shall be deemed for the purposes of this paragraph to be such a Table B amount whose value is zero.

     8.  - (1) During each relevant period from 13th October immediately following the payment date in relation to a Table B amount ("the relevant Table B amount"), interest shall accrue on 13th October in each year on the outstanding balance for the time being of the relevant Table B amount at the rate determined in accordance with sub-paragraph (7) in relation to the relevant Table B amount and in relation to the relevant period.

    (2) Interest which has accrued under sub-paragraph (1) shall be paid by monthly payments to be made on the same dates as the dates on which payments of the relevant Table B amount are to be made and so that all such interest is paid on or before the date on which the last payment in respect of the relevant Table B amount is to be paid; and the amount of each payment made under this sub-paragraph shall be determined in accordance with paragraph 9.

    (3) Any interest which has accrued under sub-paragraph (1) on the outstanding balance of any Table B amount and is not required by sub-paragraph (2) to be paid on the day after it has accrued shall be added to the outstanding balance of that Table B amount on that day.

    (4) Where the duty to make payments in relation to a Table B amount has arisen under paragraph 2 or 3 the Secretary of State shall pay any interest which has accrued on the outstanding balance of that Table B amount before the payment date in relation to that amount and which has not been paid, by monthly payments to be made on the same dates as the dates on which payments of that Table B amount are to be made and so that all such interest is paid on or before the date on which the last payment in respect of that Table B amount is to be paid; and the amount of each payment made under this sub-paragraph shall be determined in accordance with paragraph 9.

    (5) When the duty to make payments has arisen under paragraph 3 in relation to an amount specified in paragraph 3(3)(b) the interest which has accrued under paragraphs 5 and 6 on the outstanding balance of that Table B amount before the payment date in relation to that amount and has not been paid shall be divided into three equal parts.

    (6) In the application of sub-paragraphs (1) to (4) and paragraphs 9 and 10 in relation to an amount specified in paragraph 3(3)(b) any reference in those provisions or the definition of "relevant date" in sub-paragraph (8) or "payment date" to a Table B amount (however expressed) shall be taken to be a reference to a one-third part of such amount, calculated under paragraph 3(6), and any reference to the outstanding balance of a Table B amount (however expressed) shall be taken to be a reference to the sum of - 

reduced by the amount of any payments made in relation to such one third part of the Table B amount under paragraph 3, increased by any additions of interest under sub-paragraph (3) and reduced by any amounts of such interest which have been paid.

    (7) The rate for the purpose of sub-paragraph (1) in relation to any amount and in relation to any period shall be - 

A
Rt
(Y +
× (
- 1)) × 100
COt - 1R1

    (8) In this paragraph - 

Y
"A" equals
;
(1 + Y) × (1 - v10)

Q
"P" equals ((1 +
)2 - 1) × 100;
2400

1
"v" equals
;
(1 + Y)

P
"Y" equals ((1 +
× 1.005) - 1; and
100

    (9) In this paragraph, COt - 1 is CO for the period of 12 months ending immediately before the relevant period; and CO for the period of 12 months ending immediately before the first relevant period is 1 - A, and CO for any subsequent period of 12 months is CO for the period of 12 months ending immediately before that period minus Ct and for this purpose - 

Ct = A - (Y × COt -1).
    (10) Rt/R1 shall be calculated to three decimal places; if it is less than the value of Rt/R1 in relation to the immediately preceding relevant period it shall be treated as equal to that value; and if it is less than one it shall be treated as one unless the value of Rt/R1 in relation to the immediately preceding relevant period is greater than one, in which case it shall be treated as equal to that value.

     9.  - (1) The amount of any payment required to be paid under paragraph 2 or 3 in relation to any Table B amount or under paragraph 8 in respect of interest on the outstanding balance of any Table B amount shall be such amount as is determined by the Secretary of State after consultation with the actuaries and notified to the persons administering the Article 2 Section and the Article 3 Section.

    (2) The Secretary of State shall make a determination on or before 14th March in every year in relation to the payments to be made from 13th April in that year to 13th April in the following year and shall, so far as reasonably practicable, determine the amounts referred to in sub-paragraph (1) so that the payments made each month in that period of twelve months are equal and so that, subject to the provisions of this Schedule, payments made in any such period of twelve months shall, so far as reasonably practicable, be equal to payments made in the immediately preceding period (disregarding any changes to the retail prices index).

     10. Subject to the provisions of paragraph 11, where, in respect of any Table B amount, the final payment under paragraph 2 or 3, as the case may be, has been made then - 

     11.  - (1) If, on any relevant date in relation to any year after 2004 in which 13th April is not less than three months and not more than fifteen months after the date of signature of the relevant actuarial valuation in relation to that year ("the relevant year") - 

the Secretary of State may, on or before 13th April in the relevant year, issue a notice to the persons administering the Article 2 Section and the Article 3 Section and from 13th April in the relevant year the duty to make payments under paragraph 2 or 3, as the case may be, in respect of that amount shall terminate, but no notice shall be issued which would result in the total of the relevant amounts exceeding A + B (as defined in sub-paragraph (3)).

    (2) From 13th October in the relevant year the provisions of this Schedule shall apply to such part of the relevant Table B amount as remains unpaid and any interest added to that amount by any provision of this Schedule which has not been paid as if such part of the relevant Table B amount as remains unpaid had been added to the amount (if any) specified in Table B in relation to the year ("the later year") 9 years later than the relevant year, and as if the total, or that amount, as the case may be, had been inserted in column 2 of Table B in relation to the later year, and, unless the contrary intention appears, any reference in this Schedule (including this paragraph) (however expressed) to a Table B amount, to an amount specified in column 2 of Table B in relation to any particular year, or to the outstanding balance of a Table B amount, shall be construed accordingly.

    (3) The circumstances referred to in sub-paragraph (1) are that the total of the relevant amounts does not exceed A + B where - 

    (4) Where the Secretary of State has issued a notice terminating the duty to make payments in respect of the relevant Table B amount, from 13th October in the relevant year interest shall cease to accrue on the outstanding balance of that Table B amount under paragraph 8(1), the duty under paragraph 8 to make payments in respect of interest which has accrued on the outstanding balance of that Table B amount shall cease, and paragraphs 6 and 7 shall apply in respect of the outstanding balance of that Table B amount and shall apply in respect of any interest which has accrued under paragraph 8 and has not been paid on or before 13th October in the relevant year.

    (5) Where the duty to make payments in respect of any Table B amount under paragraph 2 or 3 has previously arisen and has terminated, if - 

then paragraph 2 or 3, as the case may be, shall apply in relation to that amount as if paragraph 2(1) or paragraph 3(5) or (6), as the case may be, required the Secretary of State to make payments amounting in aggregate to such part of the Table B amount as remains unpaid.

    (6) In this paragraph - 

     12. On 14th October 2094 the Secretary of State shall pay the outstanding balance on each Table B amount.


TABLE B
Column 1 Column 2
YEAR AMOUNT
     £ million
2011 0.765
2012 1.153
2013 1.106
2014 1.049
2015 0.992
2016 0.936
2017 0.886
2018 0.837
2019 0.790
2020 0.749
2021 0.710
2022 0.675
2023 0.641
2024 0.608
2025 0.576
2026 0.543
2027 0.511
2028 0.479
2029 0.447
2030 0.415
2031 0.368
2032 0.359
2033 0.350
2034 0.341
2035 0.333
2036 0.325
2037 0.317
2038 0.309
2039 0.302
2040 0.294
2041  - 
2042  - 
2043  - 
2044  - 
2045  - 
2046  - 
2047  - 
2048  - 
2049  - 
2050  - 
2051  - 
2052  - 
2053  - 
2054  - 
2055  - 
2056  - 
2057  - 
2058  - 
2059  - 
2060  - 
2061  - 
2062  - 
2063  - 
2064  - 
2065  - 
2066  - 
2067  - 
2068  - 
2069  - 
2070  - 
2071  - 
2072  - 
2073  - 
2074  - 
2075  - 
2076  - 
2077  - 
2078  - 
2079  - 
2080  - 
2081  - 
2082  - 
2083  - 
2084  - 
2085  - 
2086  - 
2087  - 
2088  - 
2089  - 
2090  - 
2091  - 
2092  - 
2093  - 
2094  - 



SCHEDULE 2
Article 7


AMENDMENTS OF THE RAILWAY PENSIONS (SUBSTITUTION) ORDER 1994


     1. In this Schedule, unless the context otherwise requires, any reference to a numbered paragraph is to the paragraph in Schedule 2 to the 1994 Order which bears that number.

     2. Schedule 2 to the 1994 Order shall be amended in accordance with paragraphs 3 to 7 of this Schedule.

     3. In paragraph 1(1) before the definition of "outstanding balance" there shall be inserted the following - 

     4. In paragraph 2(3), for the definition of "relevant amounts", there shall be substituted the following - 

     5. In paragraph 3(7), for the definition of "relevant amounts", there shall be substituted the following - 

     6. In paragraph 4, for sub-paragraphs (4) and (5) there shall be substituted the following - 

     7. In paragraph 7 - 



SCHEDULE 3
Article 8


AMENDMENTS OF THE RAILWAY PENSIONS (SUBSTITUTION AND MISCELLANEOUS PROVISIONS) ORDER 1995


     1. In this Schedule, unless the context otherwise requires, any reference to a numbered paragraph is to the paragraph in Schedule 2 to the 1995 Order which bears that number.

     2. Schedule 2 to the 1995 Order shall be amended in accordance with paragraphs 3 to 7 of this Schedule.

     3. In paragraph 1(1) before the definition of "outstanding balance" there shall be inserted the following - 

     4. In paragraph 2(3), for the definition of "relevant amounts", there shall be substituted the following - 

     5. In paragraph 3(7), for the definition of "relevant amounts", there shall be substituted the following - 

     6. In paragraph 4, for sub-paragraphs (4) and (5) there shall be substituted the following - 

     7. In paragraph 7 - 



EXPLANATORY NOTE

(This note is not part of the Order)


This Order terminates the liability of the Secretary of State to make payments under section 52(1) of the Transport Act 1980 ("the 1980 Act") in respect of two sections of the Railways Pension Scheme, designated for that purpose by the Order (articles 2 and 3), and makes provision for payments to be made in substitution for that liability.

It specifies 13th August 2001 as the termination date in respect of each such section. This means that, in respect of each, the liability of the Secretary of State to make payments under section 52(1) ceases after that date (article 4).

The Order specifies the capital value of the unfunded obligations (as defined in section 52B of the 1980 Act) in respect of each of the sections as at the termination date (article 4).

Article 5 and Schedule 1 require the Secretary of State to make payments in respect of the capital values of the unfunded obligations and provide for the accrual and payment of interest on the outstanding balances of those capital values.

Article 6 provides for the liability of the Secretary of State to make payments under Schedule 1 to be discharged in the event of the winding up of both sections.

Article 7 and Schedule 2 provide for the amendment of the Railway Pensions (Substitution) Order 1994 (S.I. 1994/2388).

Article 8 and Schedule 3 provide for the amendment of the Railway Pensions (Substitution and Miscellaneous Provisions) Order 1995 (S.I. 1995/430).

This Order does not impose any costs on business.


Notes:

[1] 1993 c. 43 and see article 1(2).back

[2] See the definition of "Minister" in section 70(2) of the Transport Act 1980, as amended by paragraph 9(4) of Schedule 11 to the Railways Act 1993.back

[3] 1980 c. 34; section 52D was inserted by paragraph 9(3) of Schedule 11 to the Railways Act 1993.back

[4] Section 52B was inserted by paragraph 9(3) of Schedule 11 to the Railways Act 1993.back

[5] S.I. 1994/2388.back

[6] S.I. 1995/430.back

[7] S.I. 1994/433, as amended by the Railway Pensions (Transfer and Miscellaneous Provisions) Order 1994 and by various subsequent deeds in accordance with the terms of that Order.back

[8] Established by a trust deed made by the British Railways Board on 1st August 1970.back

[9] Established by a trust deed made by the British Railways Board on 5th May 1967.back



ISBN 0 11 029609 5


 © Crown copyright 2001

Prepared 29 June 2001


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