Schedule 11 to this Act shall have effect.

Section 74 of the M1Transport Act 1962 (power of Secretary of State to make orders about pensions) shall cease to have effect, so far as relating to the Board and (within the meaning of that section) its subsidiaries, on the coming into force of subsection (1) above.

Subsection (2) above is without prejudice to the continuing validity of any orders made under that section.