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1.—(1) This Order shall come into operation on 1st October 1978, and may be cited as the National Freight Corporation (Central Trust) Order 1978.
(2) In this Order, unless the context otherwise requires—
“the Central Trust” means
“the Corporation” means
“the persons administering”, in relation to a pension scheme, means
“Scheduled pension scheme” means
“term”
(3) The Interpretation Act 1889 shall apply for the interpretation of this Order as it applies for the interpretation of an Act of Parliament.
2.—(1) This Order applies to the Central Trust and to the Scheduled pension schemes.
(2) Every pension scheme to which this Order applies shall be construed and have effect as if the relevant provisions of this Order were terms of, or applicable to, the scheme, any other terms thereof, whether expressed or implied, to the contrary notwithstanding.
3.—(1) All moneys and other assets belonging to or from time to time received in respect of each of the Scheduled pension schemes and all contributions from time to time falling to be made to such schemes by or in respect of the members thereof shall be paid or transferred to the Central Trust, to the intent that all such moneys, assets and contributions may be invested by the trustees of the Central Trust in accordance with the powers and provisions of the Central Trust deed relating to investment and that such moneys, assets and contributions, together with the investments for the time being representing the same, shall be held and applied by the trustees of the Central Trust for the benefit of the members of, and the persons entitled to benefit under, each Scheduled pension scheme in accordance with the terms of such scheme.
(2) The liability of the persons administering each of the Scheduled pension schemes to pay pensions and other benefits to the persons from time to time entitled thereto under the terms of such scheme shall be transferred to the trustees of the Central Trust and become their liability.
4. Nothing in this Order shall affect the conditions of membership of any person in a Scheduled pension scheme or the terms of the entitlement of any person to benefit from a Scheduled pension scheme.
5. The Corporation shall, by making payments or credits to the Central Trust or by making payments direct to the persons from time to time entitled to benefit from a Scheduled pension scheme (being in either case payments or credits additional to those otherwise required to be made by the Corporation), secure that no person who is, or may at any time be, entitled to benefit from a Scheduled pension scheme is placed in a worse position by reason of the provisions of this Order.
William Rodgers
Secretary of State for Transport
1st September 1978
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