Paragraph 2
Subject to the provisions of sub-paragraph (2) of this paragraph, in each of the instruments relating to the existing schemes listed in Column 1 of the Table below, there shall be inserted in the position specified in Column 2 of that Table in relation to that instrument the following Clause which shall bear the number specified in Column 3 of that Table in relation to that instrument:—
“(1)With effect from 1st October 1994, British Railways Board and the other employers (if any) participating from time to time in the Fund (together “the Employers”) shall indemnify the trustees from time to time of the Fund (“the Trustee”) and the Trustee’s subsidiaries and their respective officers and employees and the members of the Committee of Management (if any) against all liabilities and expenses arising out of the purported execution of the trusts, powers, duties and authorities imposed or conferred on them by or under the Fund or by any purported delegation or sub-delegation of such trusts, powers, duties and authorities, to whomsoever such liabilities may be incurred. This indemnity does not, however, apply to liabilities and expenses which are due to the personal conscious wrongdoing or recklessness of any officer or employee of the Trustee or its subsidiaries or of any member of the Committee of Management nor, in the case of any such person who carries on or who is involved in the carrying on of the business of professional trustee, to negligence. The liability of British Railways Board and of each Employer shall, however, be limited to the proportion of the total liability arising under this paragraph that the Trustee, having regard to actuarial advice, determines to be appropriate in all the circumstances.
(2)With the consent of British Railways Board, the Trustee may insure the Fund against any loss caused to it by its employees, officers, subsidiaries, agents or delegates or by any member of the Committee of Management and may also insure itself and any of its employees, officers, subsidiaries, agents or delegates or any member of the Committee of Management against liability for breach of trust not involving the personal conscious wrongdoing or recklessness of the person concerned (and, in the case of a person who carries on or is involved in the carrying on of the business of professional trustee, not involving the negligence of the person concerned). British Railways Board and the Trustee shall agree the terms of any such insurance (including terms as to payment). To the extent that the Trustee secures payment under any such insurance, paragraph (1) above shall not apply.”
TABLE
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| INSTRUMENTS | POSITION | NUMBER |
| The Trust Deed of the B.R. (1974) Pension Fund, dated 22nd November 1974 | After Clause 11 | Clause 11A |
| The Rules of the British Railways Superannuation Fund, dated as at July 1991 | After Rule 2 | Rule 2A |
| The Revised Trust Deed of the British Transport Police Force Superannuation Fund, dated 2nd November 1993 | After Clause (11) | Clause (11A) |
| The Rules of the Great Western Railway Inspectors and Foremen’s Special Pension Fund, dated 31st March 1926 | After Rule 9 | Rule 9A |
| The Rules of the Great Western Railway Salaried Staff Supplemental Pension Fund, dated 31st March 1926 | After Rule 9 | Rule 9A |
| The Rules of the Great Western Railway Salaried Staff Widows' and Orphans' Pension Society, establishing the Society on 25th December 1921 | After Rule 29 | Rule 29A |
| The Trust Deed of the Great Western Railway Supplemental Pension Reserve Fund, dated 30th May 1930 | After Clause 6C | Clause 6D |
| The Rules of the London and North Western Railway Provident Society for providing pensions for the widows and orphans of the salaried staff dated 1st October 1945 | After Rule 52 | Rule 52A |
In the following instruments the Clause set out in sub-paragraph (1) above shall be modified as follows:—
in the instrument relating to the British Transport Police Superannuation Fund for all references to the “Fund” there shall be substituted references to the “Joint Fund”; and
in the instruments relating to the Great Western Railway Salaried Staff Widows' and Orphans' Pension Society and the London and North Western Railway Provident Society for providing pensions for the widows and orphans of the salaried staff, for all references to the “Fund” there shall be substituted references to the “Society”.
In this Schedule, any reference to an instrument shall be taken to be a reference to that instrument as amended.