Paragraph 1

The British Railways (No. 2) Act 1986^f1 shall be amended by substituting for section 48(5) (pension schemes) the following subsections—

“(5)

The members of the new scheme who, before the appointed day, were members of the British Railways (Wages Grades) Pension Fund, and the members of the new scheme who, before the appointed day, were members of the New Section of the British Railways Superannuation Fund shall be treated as constituting sections of the new scheme, and each such section (a “new section”) shall be deemed to constitute a B.R. pension scheme for the purposes of Part III of the Transport Act 1980.

(6)

For the purposes of the application of Part III of that Act in relation to a new section, any reference to the proportion referred to in section 52(1)(a) of that Act shall be taken to be a reference to the proportion determined under section 54(1) of that Act in relation to the British Railways (Wages Grades) Pension Fund or the New Section of the British Railways Superannuation Fund, as the case may be.”