LegalizeThe British Railways Pension Schemes (Unfunded Proportions) (No. 2) Order 1981
Made: 18th November 1981
Laid before the House of Commons: 2nd December 1981
Coming into Operation: 30th December 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 him[^f00001] and of all other enabling powers and after consulting with the persons administering each B.R. pension scheme and the British Railways Board hereby makes the following Order:—
Commencement and Citation
1
This Order shall come into operation on 30th December 1981 and may be cited as the British Railways Pension Scheme (Unfunded Proportions) (No. 2) Order 1981.
Interpretation
2
In this Order—
- “B.R. pension scheme” has the meaning given by Section 60 of the Transport Act 1980;
- “the relevant pension obligations” has the meaning given by Section 53 of the Transport Act 1980.
Application of Order
3
This Order applies to the B.R. pension schemes listed in column (1) of the Schedule to this Order.
Determination of Unfunded Proportion
4
The proportion of the relevant pension obligations which has not been funded in relation to each B.R. 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.
Supplemental
5
This Order confirms or varies all previous determinations of the proportion of relevant pension obligations which has not been funded, made by the Secretary of State in relation to each of the B.R. pension schemes listed in column (1) of the Schedule to this Order as stated in column (3) of that Schedule.
THE SCHEDULE
| (1) | (2) | (3) |
|---|---|---|
| Pension Scheme | Proportion of the relevant pension obligations determined not to have been funded | Effect of Order on previous determinations |
| British Railways Superannuation Fund: | ||
| New Section | 0.4163 | Varies |
| GWR Section | Zero | Confirms |
| LMSR Section | Zero | Confirms |
| LNER Section so far as relating to persons admitted to the London and North Eastern Railway Superannuation Fund before 1st June 1957 | Zero | Confirms |
| LNER Section so far as not so relating | Zero | Varies |
| RCS Section | 0.5192 | Varies |
| SR Section | Zero | Confirms |
| British Transport Police Force Superannuation Fund | 0.6599 | Varies |
| B.R. (1974) Pension Fund | 1.0000 | Confirms |
| Great Eastern Railway New Pension Fund and New Pension (Supplemental) Fund Trust Account | Zero | Confirms |
| Great Northern Railway Superannuation Fund | 0.6153 | Varies |
| Great Western Railway Inspectors and Foremen's Special Pension Fund | Zero | Confirms |
| Great Western Railway Pension Society | Zero | Confirms |
| Great Western Railway Salaried Staff Supplemental Pension Fund | 1.0000 | Confirms |
| Great Western Railway Supplemental Pensions Reserve Fund | 0.0259 | Varies |
| Great Western Railway Widows and Orphans' Benevolent Fund | Zero | Confirms |
| Lancashire and Yorkshire Railway Pension Fund Society | 0.0894 | Varies |
| London, Brighton and South Coast Railway Pension Fund | Zero | Confirms |
| London Midland and Scottish Railway (L.N.W.) Insurance Society | 1.0000 | Confirms |
| London Midland and Scottish Railway (L.N.W.) Provident and Pension Society | 1.0000 | Confirms |
| London Midland and Scottish Railway (L.N.W.) Supplementary Pension Fund and Locomotive Foremen's Pension Fund | 1.0000 | Confirms |
| London Midland and Scottish Railway Midland Friendly Society | 1.0000 | Confirms |
| London Midland and Scottish Railway (North Staffordshire Section) Friendly Society | 1.0000 | Confirms |
| North British Railway Insurance Society | Zero | Varies |
| North Eastern and Great Eastern Superannuation Societies and Pension Funds Joint Trust Account | Zero | Confirms |
| Southern Railway (South Eastern & Chatham Section) Enginemen & Motormen's Pension Fund Society | Zero | Confirms |
| Thomas Bantock & Co. Superannuation Fund | 0.5562 | Varies |
Signed
David Howell — Secretary of State for Transport — 18th November 1981
Explanatory note
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 British Railways 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 proportion of the relevant pension obligations of the Schemes listed in column (1) of the Schedule and confirms or varies all previous determinations made in relation to those schemes as indicated in column (3) of the Schedule.
Footnotes
[^f00001]: S.I. 1981/238.
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