- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format. The electronic version of this UK Statutory Instrument has been contributed by Westlaw and is taken from the printed publication. Read more
This Order amends the terms of the British Railways Superannuation Fund (Amalgamated Sections) and the Great Western Railway Supplemental Pensions Reserve Fund so as to permit the employment of any member of either fund to be contracted-out of the earnings-related component of the State pension scheme provided for in the Social Security Pensions Act 1975. For this purpose it is necessary for the rules of a pension fund to accord priority to certain liabilities in the event of the winding up of the fund. The present Order provides for this priority.
Article 2 specifies the pension funds to which the Order applies, Article 3 gives specific rights to members of these pension funds in the event of winding up and Article 4 sets out the order in which the assets of the funds are to be applied in the event of winding up and, in particular, provides for the priority required, for contracting-out purposes, by the Social Security Pensions Act 1975.
Article 5 requires the British Railways Board to secure that no person entitled to benefit from either fund shall be placed in a worse position by reason of the provisions of the Order.
Article 6 contains an adaptation of the Order to cover the case of a fund member whose social security pension benefits are secured under the relevant Northern Ireland legislation.
This Order has effect from 6th April 1978 by virtue of section 74(7) of the Transport Act 1962.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: