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The National Freight Company Pension Schemes (Unfunded Proportions) Order 1981

S.I. 1981/347 · Made 6 March 1981

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TRANSPORT

PENSIONS AND COMPENSATION

Made 6th March 1981

Laid before the House of Commons 10th March 1981

Coming into Operation 30th March 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 N.F.C. pension scheme and the National Freight Company (the successor company nominated by the National Freight Corporation (Transfer of Undertaking) Order 1980) 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 Proportions
  5. 5Supplemental
  6. Signature
  7. Schedule THESchedule THE
  8. Explanatory note

1Commencement and Citation

This Order shall come into operation on 30th March 1981 and may be cited as the National Freight Company Pension Schemes (Unfunded Proportions) Order 1981.

2Interpretation

In this Order—

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

  • “N.F.C. pension scheme” has the meaning given by section 60 of the Transport Act 1980.

3Application of Order

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

4Determination of Unfunded Proportions

The proportion of the relevant pension obligations which has not been funded in relation to each N.F.C. 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 varies all previous determinations of the proportion of relevant pension obligations which has not been funded, made in relation to each N.F.C. pension scheme listed in the Schedule to this Order.

Signature

Norman Fowler

Secretary of State for Transport

6th March 1981

Schedule THE

(1)(2)
Pension SchemeProportion of the relevant pension obligations determined not to have been funded.
National Freight Corporation (Salaried Staff) Pension Fund0.6359
National Freight Corporation (Wages Grades) Pension Fund0.7918
N.F.C. (1978) Pension Fund1.0000

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 National Freight Company 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 proportions of the relevant pension obligations of the schemes specified in the Schedule and varies all previous determinations.