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.