The British Railways Board (Alteration of Pension Schemes) Order 1973
This Order relates to certain railway pension funds of the British Railways Board and to the British Transport Docks Board (Salaried Staff) Pension Scheme. It terminates (Article 3) the existing powers of the persons administering the railway pension funds to apply to the general purposes of the Board's undertaking, or to invest by way of deposit with the Board, moneys belonging to those funds. It also provides (Articles 4, 5 and 6) for the payment by the Board of interest at current rates on the existing deposits with the Board belonging to the railway pension funds and to the British Transport Docks Board (Salaried Staff) Pension Scheme, and for the redemption by the Board of the capital of those deposits in annual instalments spread over the years 1974 to 1978 (inclusive). Additional investment powers are given to certain pension funds (Article 7 and Schedule 3) and provision is made for certain transfer value payments to have the benefit of the effect of the Order (Article 8).