The National Freight Corporation (Alteration of Pension Schemes) (No. 2) Order 1971

Commencement, citation and interpretation

1.—(1) This Order shall come into operation on the 31st January 1971, and may be cited as the National Freight Corporation (Alteration of Pension Schemes) (No. 2) Order 1971.

(2) In this Order, unless the context otherwise requires—

“the Corporation” means the National Freight Corporation;

“funded scheme” means a pension scheme (not being an insurance scheme) where the pensions are payable out of a fund held by any person for the purposes of the scheme;

“insurance scheme” means a pension scheme where the pensions are provided by means of contracts or policies made or effected with an insurance company carrying on life assurance business within the meaning of the Insurance Companies Act 1958 (including contracts or policies made or effected with such a company for the purpose of implementing any form of private superannuation fund);

“the Male Wages Grades Scheme” means the pension scheme established by the British Transport Commission (Male Wages Grades Pensions) Regulations 1954(1), as amended (2), (as that scheme now has effect subject to the provisions of any Order made under section 74 of the Transport Act 1962);

“the New Fund” means the National Freight Corporation (Salaried Staff) Pension Fund which is a funded pension scheme established by the Corporation, with the consent of the Secretary of State, under the terms of an Interim Trust Deed executed by the Corporation and N.F.C. Trustees Limited on the 12th January 1971;

“the persons administering”, in relation to a pension scheme, means the persons responsible for administering the scheme under the terms thereof, and includes the trustees (if any) of the scheme;

“the service” means whole time employment with the Corporation or with a subsidiary of the Corporation; and

“term”, in relation to a pension scheme to which this Order applies, includes any rule or provision of the scheme, or of any statutory provision relating to the scheme, or of any deed or other instrument made for the purposes of the scheme.

(3) The Interpretation Act 1889 shall apply for the interpretation of this Order as it applies for the interpretation of an Act of Parliament.

(1)

(1954 I, p. 175).

(2)

S.I. 1957/1455, 1960/784 (1957 I, p. 177; 1960 I, p. 430).