The British Railways Board (Winding up of Closed Pension Funds) Order 1978
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.