Article 12 Transfer of property, rights and liabilities

The rights, liabilities and functions of the London Board relating to, and any property held by that Board on trust for, the established schemes which are specified in Parts 1 and 2 of the Schedule to this Order shall be respectively transferred to the Executive and the designated company.

The rights, liabilities and functions of the London Board (including any property held on trust by that Board) relating to the London Borough of Newham Superannuation Fund (so far as regards persons who were formerly members of the West Ham Corporation Superannuation Fund) or to the Railway Clearing System Superannuation Fund Scheme which were transferred to the London Board by the No. 3 Order of 1962 shall be transferred to the Executive or the designated company according as those rights, liabilities, functions and property relate to persons (whether present members, or past members of, or beneficiaries under, the pension scheme in question) for whom the Executive or the designated company (as the case may be) is, or becomes, the employing body on the 1st January 1970.

Any rights, liabilities and functions of the London Board relating to pensions or pension schemes, which are not transferred under the foregoing provisions of this Article or under Article 13 of this Order, shall be transferred to the Executive.