# The British Railways Board (Central Trust) Order 1974, Article 3: Transfer to Central Trust of certain pension scheme assets and liabilities


(1) All moneys and other assets belonging to or from time to time received in respect of each of the Scheduled pension schemes and all contributions from time to time falling to be made to such schemes by or in respect of the members thereof shall be paid or transferred to the Central Trust, to the intent that all such moneys, assets and contributions may be invested by the trustees of the Central Trust in accordance with the powers and provisions of the Central Trust deed relating to investment and that such moneys, assets and contributions, together with the investments for the time being representing the same, shall be held and applied by the trustees of the Central Trust for the benefit of the members of, and the persons entitled to benefit under, each Scheduled pension scheme in accordance with the terms of such scheme.
(2) The liability of the persons administering each of the Scheduled pension schemes to pay pensions and other benefits to the persons from time to time entitled thereto under the terms of such scheme shall be transferred to the trustees of the Central Trust and become their liability.
(3) The references in paragraph (1) above to paying or transferring moneys or other assets, or to paying contributions, shall be construed, in a case where the persons required to make the payment or transfer, or to pay the contributions, are the same persons as the trustees of the Central Trust, as references to appropriating, applying or crediting such moneys, assets or contributions, and the reference in paragraph (2) above to the transfer of liability shall be construed, in a case where the persons administering a Scheduled pension scheme are the same persons as the trustees of the Central Trust, as a reference to the placing of the liability on those persons as such trustees.

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Source: https://www.legislation.gov.uk/uksi/1974/2001/article/3 (the official version)
Page: https://openlegislation.uk/british-railways-board-central-trust-order-1974/article-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.