Postal Services Act 2000

4 (1) Trustees appointed by the Post Office company shall hold moneys held immediately before the appointed day by virtue of section 47(10) of the [1969 c. 48.] Post Office Act 1969 (moneys paid to the Post Office to meet certain pension liabilities), and any sums accruing as a result of the investment of such money, on such relevant trusts as the Post Office company may declare.

(2) For the purposes of sub-paragraph (1)—

(a) the persons who were trustees appointed by the Post Office for the purposes of section 47 of the Act of 1969 immediately before the appointed day shall be treated, on and after that day, as if they are the first trustees appointed by the Post Office company, and

(b) the trusts (as modified by paragraph 1 of this Schedule and with the substitution of references to paragraph 2 of this Schedule for references to sections 44 and 46 of the Act of 1969) on which the moneys were held by them immediately before the appointed day for the purposes of section 47 of the Act of 1969 shall be treated, on and after the appointed day, as if they are the first relevant trusts declared by the Post Office company.

(3) Subject to that, for the purposes of sub-paragraph (1), trusts are relevant trusts if their objects consist in—

(a) the payment, or the making of provision for the payment, of pensions, allowances and gratuities to, or in respect of, such persons engaged in the business of the Post Office company or any company associated with the Post Office company as may be specified in the trusts, and

(b) the reimbursement of the Post Office company for sums paid under paragraph 2,

and include the objects of the first relevant trusts.