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The Scottish Transport Group (Pension Schemes) Order 1996
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- 1996 No. 1900 (S. 152)
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order provides for the winding up of two Scottish Transport Group Pension Schemes.
As part of the eventual dissolution of the Scottish Transport Group under the Transport (Scotland) Act 1989 alternative pension arrangements were made for then existing and former employees, leaving the pension schemes concerned to be wound up. Any surplus funds or any deficit would go eventually to Scottish Transport Group to be dealt with in the Order dissolving that body.
The powers of the Trustees have been found to be insufficient to deal with the wind up and the transfer of the surplus funds and this is achieved by means of this Order.
The schemes are to be wound up (article 4) and any surplus funds transferred to Scottish Bus Group (article 5(3)).
The Order also provides for the transfer of the liabilities and obligations of the Trustees of the Schemes (article 6).
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