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Mr. Stevens
asked the Secretary of State for Transport what was the total amount paid to the pension funds out of the proceeds of sale of the National Freight Company Ltd.
Mr. David Howell
The proceeds of sale of the National Freight Company were £53·5 million. The total paid, as provided for under section 49 of the Transport Act 1980, to fund deficiencies in the NFC's pension schemes is £48,673,000. This total was made up of an immediate payment on sale of £47,297,000 and an adjustment to meet certain transfer payments not quantified at the date of sale but now settled of £1,376,000.