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The British Railways Pension Schemes (Unfunded Proportions) (No. 2) Order 1981

S.I. 1981/1646 · Made 18 November 1981

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

TRANSPORT

PENSIONS AND COMPENSATION

Made 18th November 1981

Laid before the House of Commons 2nd December 1981

Coming into Operation 30th December 1981

The Secretary of State for Transport in exercise of the powers conferred by section 54 of the Transport Act 1980 and now vested in himf1 and of all other enabling powers and after consulting with the persons administering each B.R. pension scheme and the British Railways Board hereby makes the following Order:—

Annotations to the whole text

Footnotes

f1

S.I. 1981/238.

Contents

  1. 1Commencement and Citation
  2. 2Interpretation
  3. 3Application of Order
  4. 4Determination of Unfunded Proportion
  5. 5Supplemental
  6. Signature
  7. Schedule THESchedule THE
  8. Explanatory note

1Commencement and Citation

This Order shall come into operation on 30th December 1981 and may be cited as the British Railways Pension Scheme (Unfunded Proportions) (No. 2) Order 1981.

2Interpretation

In this Order—

  • “B.R. pension scheme” has the meaning given by Section 60 of the Transport Act 1980;

  • “the relevant pension obligations” has the meaning given by Section 53 of the Transport Act 1980.

3Application of Order

This Order applies to the B.R. pension schemes listed in column (1) of the Schedule to this Order.

4Determination of Unfunded Proportion

The proportion of the relevant pension obligations which has not been funded in relation to each B.R. pension scheme listed in column (1) of the Schedule to this Order is determined to be the proportion shown in column (2) of that Schedule.

5Supplemental

This Order confirms or varies all previous determinations of the proportion of relevant pension obligations which has not been funded, made by the Secretary of State in relation to each of the B.R. pension schemes listed in column (1) of the Schedule to this Order as stated in column (3) of that Schedule.

Signature

David Howell

Secretary of State for Transport

18th November 1981

Schedule THE

(1)(2)(3)
Pension SchemeProportion of the relevant pension obligations determined not to have been fundedEffect of Order on previous determinations
British Railways Superannuation Fund:
New Section0.4163Varies
GWR SectionZeroConfirms
LMSR SectionZeroConfirms
LNER Section so far as relating to persons admitted to the London and North Eastern Railway Superannuation Fund before 1st June 1957ZeroConfirms
LNER Section so far as not so relatingZeroVaries
RCS Section0.5192Varies
SR SectionZeroConfirms
British Transport Police Force Superannuation Fund0.6599Varies
B.R. (1974) Pension Fund1.0000Confirms
Great Eastern Railway New Pension Fund and New Pension (Supplemental) Fund Trust AccountZeroConfirms
Great Northern Railway Superannuation Fund0.6153Varies
Great Western Railway Inspectors and Foremen's Special Pension FundZeroConfirms
Great Western Railway Pension SocietyZeroConfirms
Great Western Railway Salaried Staff Supplemental Pension Fund1.0000Confirms
Great Western Railway Supplemental Pensions Reserve Fund0.0259Varies
Great Western Railway Widows and Orphans' Benevolent FundZeroConfirms
Lancashire and Yorkshire Railway Pension Fund Society0.0894Varies
London, Brighton and South Coast Railway Pension FundZeroConfirms
London Midland and Scottish Railway (L.N.W.) Insurance Society1.0000Confirms
London Midland and Scottish Railway (L.N.W.) Provident and Pension Society1.0000Confirms
London Midland and Scottish Railway (L.N.W.) Supplementary Pension Fund and Locomotive Foremen's Pension Fund1.0000Confirms
London Midland and Scottish Railway Midland Friendly Society1.0000Confirms
London Midland and Scottish Railway (North Staffordshire Section) Friendly Society1.0000Confirms
North British Railway Insurance SocietyZeroVaries
North Eastern and Great Eastern Superannuation Societies and Pension Funds Joint Trust AccountZeroConfirms
Southern Railway (South Eastern & Chatham Section) Enginemen & Motormen's Pension Fund SocietyZeroConfirms
Thomas Bantock & Co. Superannuation Fund0.5562Varies

Explanatory note

Section 54 of the Transport Act 1980 requires the Secretary of State to determine what proportion of the relevant pension obligations defined in the Act of specified British Railways pension schemes has not been funded and before the end of the first financial year to confirm or vary that determination by Order. This Order determines the unfunded proportion of the relevant pension obligations of the Schemes listed in column (1) of the Schedule and confirms or varies all previous determinations made in relation to those schemes as indicated in column (3) of the Schedule.