Explanatory note

(This note is not part of the Order)

This Order modifies certain provisions of the British Railways (Pension Schemes) Act 1981 in consequence of the provisions of the Railways Act 1993 and a transfer scheme made by the British Railways Board on 27th September 1994 under or by virtue of that Act. By that scheme, the property, rights and liabilities of the pension schemes which are subject to the British Railways (Pension Schemes) Act 1981 were transferred from British Rail Pension Trustee Company Limited to Railways Pension Trustee Company Limited. The provisions amended are:

(a)

section 2; the definitions of “the pension trustee”, “the pension trustee company” and “transferred pension scheme” have been added;

(b)

section 4; subsection (3) is to apply where the pension trustee is a company within the meaning of section 735(1) of the Companies Act 1985 (c. 6);

(c)

section 5; subsection (3) is not to apply in relation to a transferred pension scheme;

(d)

sections 7 and 9; the provisions of these sections are to apply to the pension trustee and not to the trust company.

The Railways Pension Trustee Company Limited is a company limited by shares under the Companies Act 1985.