{
  "url": "https://openlegislation.uk/postal-services-act-2011-transfer-of-assets-order-2012/schedule-5/paragraph-1",
  "json_url": "https://openlegislation.uk/postal-services-act-2011-transfer-of-assets-order-2012/schedule-5/paragraph-1.json",
  "legislation": "uksi/2012/688",
  "legislation_title": "The Postal Services Act 2011 (Transfer of Assets) Order 2012",
  "legislation_url": "https://openlegislation.uk/postal-services-act-2011-transfer-of-assets-order-2012",
  "path": "schedule/5/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": null,
  "text": "In this Schedule—\n(a) “Assets” means any of the property and rights held for the purposes of the RMPP, whether held by or on behalf of or for the benefit either of the Trustee in its capacity as trustee of the RMPP or any Relevant Trustee, but excluding any Assets that are also Claims. Assets include—\n(i) Cash;\n(ii) property and rights that would not, but for the provisions of this Schedule, be capable of being transferred or assigned;\n(iii) property situated anywhere in the United Kingdom or elsewhere;\n(iv) contractual rights, other than contractual rights and liabilities in respect of a service provider to the Trustee, an adviser or employee of either the Trustee or the premises and operations of the Trustee, but including those contracts referred to in paragraph 9 and contracts relating to any property referred to in Paragraph (iii) above; and\n(v) rights under the law of any part of the United Kingdom or of any country or territory outside the United Kingdom, whether or not those rights and liabilities are ascertained at the time a Transfer occurs.\nReferences to Assets in this Schedule do not include Assets which will not comprise a Transfer;\n(b) “Claim” means a right of action of the Trustee in issue in any action before a court or adjudicatory body in the United Kingdom or abroad (whether existing, ongoing, contemplated, threatened or potential), including a right that would not, but for the provisions of this Schedule, be capable of being transferred or assigned, and that is related to or connected with—\n(i) any Asset that is transferred to the Fund under paragraph 2 or 5(2) or to which paragraph 7 applies;\n(ii) any contract to which paragraph 9 or 10 applies; or\nany tax paid or payable by the Trustee, or which any revenue authority asserts is so payable, in respect of the Assets transferred to the Fund under paragraph 2 or 5(2) or to which paragraph 7 applies, or in respect of the services to which any contract to which paragraph 9 or 10 relates;\n(c) “Relevant Trustee” means any person (other than the Trustee) who is acting in the capacity of a trustee or custodian of or nominee for the RMPP;\n(d) subject to paragraph (f)—\n(i) a reference to the transfer of an Asset to the Fund shall mean the transfer to and vesting in the Fund of title to, beneficial interest in and any rights in respect of that Asset;\n(ii) a reference to the transfer of a Claim to the Fund shall mean the transfer to and vesting in the Fund of title to, beneficial interest in and any rights and liabilities or other obligations in respect of that Claim, including rights that would not otherwise be capable of being transferred or assigned; and\n(iii) a reference to the transfer of any Associated Liability to the Fund shall mean the transfer to and vesting in the fund of any liabilities or other obligations in respect of that Associated Liability;\n(e) in relation to the assets listed at paragraph 2 of Schedule 6, and any Associated Liabilities in respect of those assets, and any Claim that is related to or connected with those assets, a reference in the provisions of this Schedule to the Fund shall be read as a reference to the Fund Subsidiary; and\n(f) if any Assets are held by or on behalf of or for the benefit of a Relevant Trustee, a reference in the provisions of this Schedule to the Trustee shall be read as a reference to the Relevant Trustee in relation to those Assets, any Associated Liabilities in respect of them, and any Claim related to or connected with them.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 5 para. 1 not in force at made date, see art. 1(2)"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "Sch. 5 para. 1 in force at 1.4.2012 by S.I. 2012/966, arts. 2, 3(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2012/688/schedule/5/paragraph/1",
    "retrieved_at": "2026-10-29T01:38:15.441656+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}