Article 5

In this article—

• “the aggregate liabilities” means the aggregate of the amounts payable by the Greater London Council under article 4 of this order and the amount of £20,430,000, such amount being that calculated, upon the best information available at 31st December 1967, as representing the sum of—

  1. (a)

     the aggregate amount of assessed deficiency charges in respect of the superannuation funds of the London County council and the county council of Middlesex outstanding against the county funds of such councils on 31st March 1965;

  2. (b)

     ten times the total paid out of such county funds in respect of the year 1964–65 as pensions increases and augmentations of pensions paid out of the superannuation funds aforesaid,

  less such payments as have been made in respect of such liabilities in the years 1965–66 and 1966–67;

• “relevant authority” means the Greater London Council or any authority named in column (1) of the Schedule; and

• “the Schedule” means the Schedule to this order.

Subject to paragraph (3) of this article, any authority named in column (1) of the Schedule shall pay to the Greater London Council, towards the aggregate liabilities—

the amount in column (2) being that defined in column (3).

The Minister, on the representations of any relevant authority, on any variation of an agreement under article 4 of this order or in the light of any material circumstances becoming known after 31st December 1967, and after consultation with all other relevant authorities concerned, may make such variation as he considers expedient of—