1994 No. 2520
The Railways Act 1993 (Consequential Modifications) (No. 4) Order 1994
Made
Laid before Parliament
Coming into force
Whereas it appears to the Secretary of State to be necessary or expedient in consequence of the provisions of the Railways Act 19931and instruments made under or by virtue of that Act to make the modifications set out in the Schedule below to the existing provisions referred to therein;
Now therefore the Secretary of State, in exercise of powers conferred on him by section 153 of the Railways Act 19932, hereby makes the following Order:—
1
This Order may be cited as the Railways Act 1993 (Consequential Modifications) (No. 4) Order 1994 and shall come into force on 1st October 1994.
2
The provisions of the Schedule hereto shall have effect.
Signed by authority of the Secretary of State for Transport
SCHEDULE
The British Railways (Pension Schemes) Act 19813shall be amended as follows—
a
in section 2 (interpretation), after the definition of “pension scheme”, there shall be inserted—
“the pension trustee” means the trustee for the time being of a transferred pension scheme;
“the pension trustee company” means Railways Pension Trustee Company Limited;
“transferred pension scheme” means any pension scheme the property, rights and liabilities of which—
- a
were vested in the trust company under this Act, and
- b
have been transferred from the trust company to the pension trustee company by virtue of a scheme made pursuant to section 85 of the Railways Act 1993;
b
in subsection (3) of section 4 (power to establish trust company), for the words “The trust company”, there shall be substituted the words—
Where the pension trustee is a company within the meaning of section 735(1) of the Companies Act 1985, the pension trustee
c
section 5 (vesting) shall be amended as follows—
i
in subsection (3), before the word “Immediately”, there shall be inserted the words “Subject to subsection (4) below,”; and
ii
after subsection (3), there shall be inserted—
4
Subsection (3) above shall not apply in respect of any pension scheme after the property, rights and liabilities of that pension scheme have been transferred from the trust company to the pension trustee company by virtue of a scheme made pursuant to section 85 of the Railways Act 1993.
d
in section 7 (powers of investment), for the words “the trust company” wherever they appear, there shall be substituted the words “the pension trustee”;
e
in section 9 (appointment of nominees), for the words “the trust company” wherever they appear, there shall be substituted the words “the pension trustee”.
(This note is not part of the Order)