Explanatory note

The Order provides for the functions of the management committees of the pension schemes specified in Column 1 of the Schedule to the Order to be transferred to and exercised by the British Railways Board with effect from the respective dates specified in Column 2 of the Schedule (Article 3 (a)). Existing provisions of the schemes relating to the election or appointment of members of the management committees are to cease to have effect and the audit of the funds of the schemes is to be carried out by auditors appointed by the Railways Board (Article 3(b) and (c)). Provision is also made for the disposal of surplus funds on the winding up of the schemes (Article 4).