Transport Act 1980

55 Proportion of pensions etc. which corresponds to relevant pension obligations. E+W+S+N.I.

(1) The Minister shall, in relation to each B.R. or N.F.C. pension scheme and for each financial year—

(a) determine, before the beginning of the year or, in the case of the first financial year, as soon as practicable after the passing of this Act, what proportion of the pensions, increases and expenses payable under or incurred in connection with the scheme corresponds to the relevant pension obligations; and

(b) confirm or vary that determination, from time to time during the year and as soon as practicable after the end of the year, by a further determination of that proportion.

(2) Where in the case of any such scheme any class of the relevant pension obligations and their funding have, by virtue of subsection (2) of section 54, been left out of account in making a determination under subsection (1) of that section, that class of obligations shall not be regarded as relevant pension obligations for the purposes of any determination under subsection (1).

(3) References in subsection (1) to a determination or further determination made by the Minister shall include references to a determination or further determination made by the actuary or auditor to the scheme and approved by the Minister.

Annotations:

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Modifications etc. (not altering text)

C1 S. 55 modified (6.1.1994) by 1993 c. 43, s. 134(1), Sch. 11 para. 10(7); S.I. 1993/3237, art.2(2)