1.   This Order may be cited as the Pilotage Act 1987 (Pilots' (National Pension Fund) Order 1987 and shall come into force on 1st February 1988.

2.   The Byelaws((2)) of the Pilots' National Pension Fund (a pilots' benefit fund established under Byelaws made by the Trinity House of Deptford Strond under paragraph (i) of section 15(1) of the Pilotage Act 1983((3))) shall, after the repeal of that paragraph ((4)), operate subject to the provisions of this Order.

3.   All functions of the Board of Management and the Trustees under the existing Byelaws of the Pilots' National Pension Fund are transferred to PNPF Trust Company Limited and accordingly the Byelaws of the Pilots' National Pension Fund shall have effect as if references to the Board of Management and to the Trustees were references to PNPF Trust Company Limited and as if references to individual trustees and members of the Board of Management were references to individual directors of that company.

4.   The Byelaws shall have effect as if Byelaws 14, 15, 16A, 18, 19, 20, 21, 22, 23, 24(1), (2) and (3), 26(c) and 27(1), (2) and (3) were revoked.

5.   PNPF Trust Company Limited shall have the power to revoke or amend the Byelaws or any other provision governing the Pilots' National Pension Fund by a resolution of the board of directors of PNPF Trust Company Limited.

Explanatory Note

(This note is not part of the Order)

Paragraph 4(1) of Schedule 1 to the Pilotage Act 1987 continues in existence pilots' benefit funds established under section 15(1) (i) of the Pilotage Act 1983 notwithstanding the repeal of that section. Section 15(1) (i) is repealed as from 1st February 1988-see the Pilotage Act 1987 (Commencement No. 2) Order 1987(S.I. 1987/2138).

This Order provides that the Byelaws of the Pilots' National Pension Fund shall operate as if all references in them both to the Board of Management and to the Trustees were references to PNPF Trust Company Limited, a company owned equally by the United Kingdom Pilots Association (Marine) and by nominees of the British Ports Association and Associated British Ports, and makes appropriate provision as to the continued operation of the Byelaws.

PNPF Trust Company Limited is given power to amend or revoke the Byelaws and any other provision governing the Fund.