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(1) This Order may be cited as the Railways Pension Scheme Order 1994 and shall come into force on 31st May 1994.
(2) Subject to paragraph 1(1) of Schedule 11 to the Railways Act 1993, expressions used in this Order and in Part I or II of that Act have the same meaning in this Order as they have in that Part unless otherwise indicated.
(1) The Railways Pension Scheme is established as an occupational pension scheme in accordance with the provisions of the Schedule to this Order.
(2) The Railways Pension Scheme shall be administered and managed in accordance with those provisions.
(3) The Railways Pension Trustee Company Limited is appointed the first trustee in relation to that Scheme.
The Railways Pension Scheme is designated as the joint industry scheme for the purposes of Schedule 11 to the Railways Act 1993.
This Clause sets out the meaning of words used in the Pension Trust except where otherwise indicated.
Transfers (not following a compulsory change in employment)
(a) If the benefits of a Member are transferred, the amount of the transfer payment will be equal in value to the cash equivalent of the Member’s benefits calculated in accordance with the Transfer Value Laws. The Designated Employer may agree to the transfer of a higher amount (but not exceeding a share of fund) provided that the Pensions Committee is satisfied that the benefits to be provided in respect of past service in the receiving scheme, arrangement or Section are reasonable in relation to the transfer payment paid.
Transfers (following a compulsory change in employment)
(b) If benefits are transferred following a compulsory change in employment then the amount of the transfer payment will be equal in value to the cash equivalent of the Member’s benefits calculated in accordance with the Transfer Value Laws. The Pensions Committee may decide, however, that the transfer payment should be increased to an amount equal to the Member’s Past Service Reserve, or such higher amount as the Designated Employer agrees (but not exceeding in either case a share of the fund) and provided that the Pensions Committee is satisfied that the benefits to be provided in the receiving scheme, arrangement or Section will be of the same value overall to the benefits provided under the transferring Section.
This Rule sets out the meaning of words used in these Rules.
means, on a specified date in relation to a person who is about to retire:
(a) the amount determined under (i) or (ii) of rule 13(2) of the BR Rules; multiplied by (b) whichever is the lesser of (i) the number of years of Contributory Membership after 5th April 1978 together with any additional period of membership granted as a result of a transfer and (ii) 40; plus
any pension entitlement by reference to rule 13(5) of the BR Rules; multiplied by
the Normal Pension on whichever is the earlier of (a) the specified date and (b) the date of attaining State Pension Age; and divided by
the Basic Pension.
means the aggregate of:
in the case of a Member who has at no time been a Part–time Employee the period during which the Member has contributed to the BR Pension Scheme under rule 11 of the BR Rules or, in the case of a Member who is or has at any time been a Part–time Employee, the sum of the periods during which the Member has contributed to the BR Pension Scheme under rule 11 of the BR Rules but with each period multiplied by the proportion which the number of hours per week that the Member was contracted to work in that period bears to the number of hours per week that the Member would have been contracted to work in that period had he been employed full–time; plus
in the case of a Member who was a member of the British Railways (Wages Grades) Pension Fund the period during which contributions were paid to the British Railways (Wages Grades) Pension Fund under rule 11 of that Fund or any predecessor to that rule; or
in the case of a BR Member who immediately before 1st April 1987 was a member of the New Section the period during which contributions were paid to the New Section under rule 11 of that Fund, or any predecessor to that rule.
means:
any person who has not reached 18 years of age and who is the Member’s child by marriage or has been legally adopted by the Member; or
if the Trustee at its sole discretion so agrees in a specific case any other person who has not reached 18 years of age and who does not fall within (a) above who is the child of the Member or the Member’s spouse, or of a living or deceased relative of the Member and at the time of the Member’s death was dependent wholly or in a large part on the Member for support and the maintenance of his or her accustomed standard of living, or, if the child was born after the Member’s death, would be likely to have become so dependent; or
if the Trustee at its sole discretion in any individual case so agrees a person over the age of 18 years who would otherwise fall within (a) or (b) above and who was in full– time education on his or her 18th birthday, so long as he or she so remains or is so handicapped physically or mentally as to be unable to earn a living.
means (on any specified date):
in relation to a Member who left employment with the Participating Employer, or reaches age 65 on the specified date, and where the specified date lies between 1st January and 30th June inclusive:
the GMP at the end of the year ending on 5th April (“the said Fiscal Year”) in the previous but one calendar year, updated in accordance with any order made under section 148 of the Social Security Administration Act 1992 and coming into operation before the end of the calendar year in which the end of the said Fiscal Year falls
plus
the amount of GMP which would have accrued to the Member during the interval between the end of the said Fiscal Year and the specified date if the remuneration between the upper earnings limit and lower earnings limit for National Insurance purposes received from the Participating Employ– er in each period of 7 days starting as a Monday (“the Relevant Earnings”) of the said period were equal to times the total of the Relevant Earnings in the said Fiscal Year and any orders made under section 148 of the Social Security Administration Act 1992 were ignored;
in relation to a Member who left employment with the Participating Employer, dies or reaches age 65 on the specified date, and where the specified date lies between 1st July and 31st December inclusive, an amount calculated as in (a) but with “the said Fiscal Year” meaning the year ending on 5th April in the calendar year prior to that in which the specified date lies;
in relation to a Member who has left employment with the Participating Employer, an amount calculated as in (a), if the specified date lies between 1st January and 30th June inclusive, or (b), if the specified date lies between 1st July and 31st December inclusive, but with sub–paragraph (a)(ii) being ignored if the Member left service with the Participating Employer on or before the last day of the said Fiscal Year; and the interval in sub–paragraph (a)(ii) being replaced by the interval between the end of the said Fiscal Year and the date the Member left service with the Participating Employer
plus
if the specified date lies between 1st January and 5th April inclusive or between 1st July and 31st December inclusive, 7%; or
if the specified date lies between 6th April and 30th June inclusive, 14.5%; or
such other percentage as may be determined by the Trustee on the advice of the Actuary
of the amount ascertained in (1)(a), (1)(b) or (1)(c), as appropriate
plus
2% (or such other percentage as may be determined by the Trustee on the advice of the Actuary) of the aggregate of (1) and (2) multiplied by the number of years between the specified date and the date the Member attains State Pension Age.
means the aggregate of the equivalent pension benefits earned by a Member under the former state graduated pension scheme:
during Contributory Membership;
in the case of a Member whose equivalent pension benefit was transferred to the New Section, the British Railways (Wages Grades) Pension Fund or the BR Pension Scheme under rule 6 of the respective scheme, during former membership of the other pension scheme mentioned in that rule; and
in the case of a Member to whom rule 5 or rule 5A of the BR Rules applies, during any former membership of any one of the following schemes: the GWR, LMSR, LNER (New), LNER (Old), RCS or SR Sections of the British Railways Superannuation Fund, the London Trans– port (Administrative and Supervisory) Staff Superannua– tion Fund, the National Freight Salaried Staff Pension Fund or their predecessors and the British Railways (Wages Grades) Pension Fund in respect of which no payment in lieu has been made and which have not been otherwise preserved.
NOTE:For the purposes of these Rules:
(1) in calculating a number of years, fractions of a year shall count proportionately. There shall be deemed to be 52.17 weeks in a year;
(2) in calculating the length of a period of membership or employment, such part of the period (counting the period of membership forward) as does not amount to a number of complete years (“the said period”) shall be counted as a fraction of a year in which:
(a) the denominator shall be 365; and
(b) the numerator shall be:
(i) the number of completed days comprised in the said period if it does not include a 29th February; or
(ii) one less than the number of completed days comprised in the said period if it does include a 29th February.
(3) Copies of the BR Pension Scheme and the British Railways (Wages Grades) Pension Fund can be obtained from Railways Pensions Management Limited, Stooperdale Offices, Brinkburn Road, Darlington DL3 6EH.
“ Section ” means the 1994 Pensioners “B” Section.
This Rule sets out the meaning of words used in these Rules.
means, on a specified date, in relation to a person who has retired or is about to retire whose pension is payable other than under Rule 5C (Members in Service after Age 65):
(a) the amount determined under (i) or (ii) of Rule 5A(2) (Retirement between Minimum Pension Age and Age 65); multiplied by (b) whichever is the lesser of (i) the number of years of Contributory Membership after 5th April 1978 together with any additional period of membership granted as a result of a transfer and (ii) 40; plus
any pension entitlement by reference to Rule 5A(6) of the BR Rules; multiplied by
the Normal Pension on whichever is the earlier of (a) the specified date and (b) the date of attaining State Pension Age; and divided by
the Basic Pension.
In relation to a person who is about to retire whose pension is payable under Rule 5C (Members in Service after Age 65) “Contracted–out Pension” means:
the amount calculated in item (1); plus
4% of item (4) multiplied by the number of complete periods of 6 calendar months between the date the Member attained State Pension Age and the date of ceasing to be a Member.
means the aggregate of:
in the case of a Member who has at no time been a Part– time Employee the period during which the Member has contributed to the BR Pension Scheme under rule 11 of the BR Rules and to the Section under Rule 3B (Normal Contributions by Members) or, in the case of a Member who is or has at any time been a Part–time Employee, the sum of the periods during which the Member has contributed to the BR Pension Scheme under rule 11 of the BR Rules and to the Section under Rule 3B (Normal Contributions by Members) but with each period multiplied by the proportion which the number of hours per week that the Member was contracted to work in that period bears to the number of hours per week that the Member would have been contracted to work in that period had he been employed full–time; plus
in the case of a Member who was a member of the British Railways (Wages Grades) Pension Fund the period during which contributions were paid to the British Railways (Wages Grades) Pension Fund under rule 11 of that Fund or any predecessor to that rule; or
in the case of a BR Member who immediately before 1st April 1987 was a member of the New Section the period during which contributions were paid to the New Section under rule 11 of that Fund, or any predecessor to that rule.
means:
any person who has not reached 18 years of age and who is the Member’s child by marriage or has been legally adopted by the Member; or
if the Trustee at its sole discretion so agrees in a specific case any other person who has not reached 18 years of age and who does not fall within (a) above who is the child of the Member or the Member’s spouse, or of a living or deceased relative of the Member and at the time of the Member’s death was dependent wholly or in large part on the Member for support and the maintenance of his or her accustomed standard of living, or, if the child was born after the Member’s death, would be likely to have become so dependent; or
if the Trustee at its sole discretion in any individual case so agrees a person over the age of 18 years who would otherwise fall within (a) or (b) above and who was in full– time education on his or her 18th birthday, so long as he or she so remains or is so handicapped physically or mentally as to be unable to earn a living.
means (on any specified date):
in relation to a Member who leaves Service, dies or reaches age 65 on the specified date, and where the specified date lies between 1st January and 30th June inclusive:
the GMP at the end of the year ending on 5th April (“the said Fiscal Year”) in the previous but one calendar year, uprated in accordance with any order made under section 148 of the Social Security Administration Act 1992 and coming into operation before the end of the calendar year in which the end of the said Fiscal Year falls;
plus
the amount of GMP which would have accrued to the Member during the interval between the end of the said Fiscal Year and the specified date if the remuneration between the upper earnings limit and lower earnings limit for National Insurance purposes received from the Participating Employer in each period of 7 days starting on a Monday (“the Relevant Earnings”) of the said period were equal to times the total of the Relevant Earnings in the said Fiscal Year and any orders made under section 148 of the Social Security Administration Act 1992 were ignored;
in relation to a Member who leaves Service, dies or reaches age 65 on the specified date, and where the specified date lies between 1st July and 31st December inclusive, an amount calculated as in (a) but with “the said Fiscal Year” meaning the year ending on 5th April in the calendar year prior to that in which the specified date lies;
in relation to a Member who has left Service, an amount calculated as in (a), if the specified date lies between 1st January and 30th June inclusive, or (b), if the specified date lies between 1st July and 31st December inclusive, but with sub–paragraph (a)(iii) being ignored if the Member left Service on or before the last day of the said Fiscal Year; and the interval in sub–paragraph (a)(ii) being replaced by the interval between the end of the said Fiscal Year and the date the Member left Service;
plus
if the specified date lies between 1st January and 5th April inclusive or between 1st July and 31st December inclusive, 7%; or
if the specified date lies between 6th April and 30th June inclusive, 14.5%; or
such other percentage as may be determined by the Trustee on the advice of the Actuary;
of the amount ascertained in (1)(a), (1)(b) or (1)(c), as appropriate; plus
2% (or such other percentage as may be determined by the Trustee on the advice of the Actuary) of the aggregate of (1) and (2) multiplied by the number of years between the specified date and the date the Member attains State Pension Age.
means the Member’s Pay calculated at 1st April prior to the Section Year in question or, if later, the date of joining the Section. Any retrospective change in a Member’s Pay shall be ignored for the purposes of calculating his Pensionable Pay. Subject to Rule 17A (Members who joined the BR Pension Scheme before 1st June 1989), Pensionable Pay cannot, however, exceed the amount of the Earnings Cap for the year in question.
If a Member’s Pensionable Pay in any Section Year is less than the Member’s Pensionable Pay was in the preceding Section Year (and for this purpose only taking account of any retrospective change in the Member’s Pay) then the Member’s Pensionable Pay shall be the higher amount until such time as that amount is exceeded in a subsequent Section Year.
means the Member’s Service after joining the Section together with any additional period credited to the Member by the Participating Employer or the Trustee as a result of a transfer payment or the exercise of a discretion and any additional period of Pensionable Service stated to be granted under the Rules other than under Rule 4F (Additional Contributions for Senior Officers), but Pen– sionable Service does not include the Member’s Service after opting–out (see Rule 16 (Opting–Out)).
In the case of a Part–time Employee his Pensionable Service shall be adjusted by multiplying it by the proportion which the number of hours per week that the Member was contracted to work bears to the number of hours per week that the Member would have been contracted to work had he been employed full time.
means the aggregate of the equivalent pension benefits earned by a Member under the former state graduated pension scheme:
during Contributory Membership;
in the case of a Member whose equivalent pension benefit was transferred to the New Section, the British Railways (Wages Grades) Pension Fund or the BR Pension Scheme under rule 6 of the respective scheme, during former membership of the other pension scheme mentioned in that rule; and
in the case of a Member to whom Rule 17C or Rule 17D applies, during any former membership of an Existing Salaried Staff Superannuation Fund (as defined in Schedule 1) or the British Railways (Wages Grades) Pension Fund, in respect of which no payment in lieu has been made and which have not been otherwise preserved.
NOTE: For the purposes of these Rules:
(1) In calculating a number of years, fractions of a year shall count proportionately. There shall be deemed to be 52.17 weeks in a year.
(2) In calculating the length of a period of membership or employment, such part of the period (counting the period of membership forward) as does not amount to a number of complete years (“the said period”) shall be counted as a fraction of a year in which:
(a) the denominator shall be 365; and
(b) the numerator shall be:
(i) the number of completed days comprised in the said period if it does not include a 29th February; or
(ii) one less than the number of completed days comprised in the said period if it does include a 29th February.
The Trustee shall immediately pay to the Insurer all contributions received from the Members and the Participating Employers under Rules 4A and 4B.
The Member shall contribute at the rate which is specified by his Participating Employer (following actuarial advice) at the date upon which he elects to pay additional contributions pursuant to Rule 4F (Additional Contributions for Senior Officers).
This rate may be revised in the event:
(i) of the Member being granted additional BRASS–SO Added Years in accordance with paragraph 5 below;
(ii) the Member and his Participating Employer agreeing to an increase in that rate from the next 1st July;
(iii) the Member’s Participating Employer agreeing to a reduction in that rate in circumstances where:
(a) the Member has reached Minimum Pension Age; or
(b) the proceeds of the Member’s Policy are likely to exceed Inland Revenue limits (see Clause 7G);
and Revenue Approval would not be prejudiced.
Contributions under this paragraph shall cease on the date the Member leaves Service, dies or attains Minimum Pension Age (or such later date as the Member and Participating Employer have agreed) whichever is earlier.
The age difference between the Joint Pensioner and the Elector shall be taken as the difference between their calendar years of birth.
This schedule applies to Wages Grades Members who immediately before joining the Wages Fund on 14th August 1967 were members of:
(i) the pension schemes listed in column 2 of parts 2, 3 and 4;
(ii) the Pullman Car Company Limited Male Wages Grades Employees Superannuation Fund and Life Assurance Scheme;
(iii) the British Transport Commission Staff Assurance Scheme (W. H. Smith & Sons Pension Fund);
(iv) the Frank Mason & Co. Ltd. Staff Pension Scheme; or
(v) the Sharpness Docks Pension Scheme
who did not subsequently transfer to the New Section.
In respect of a Member who joined the British Railways (Wages Grades) Pension Fund on 14th August 1967:
(i) Preserved Death Benefits;
(ii) Preserved Lump Sums;
(iii) Preserved Pensions;
(iv) benefits granted under Schedule 2 para 4;
(v) benefits granted under Schedule 2 para 1 and Schedule 1 para 9;
(vi) benefits granted in respect of credited membership; and
(vii) benefits granted under Rule 17B (Members who were members of the BR Pension Scheme on 16th September 1991).
In the case of a Member who was a member of the British Railways (Wages Grades) Pension Fund to whom Rule 5A(5) applies items (1)(v), (1)(vi) and (2)(ii) shall be calculated for this purpose on the basis of rule 13(4)(A) of that Fund.
This Rule sets out the meaning of words used in these Rules.
Pensionable Pay cannot, however, exceed the amount of the Earnings Cap at the relevant date.
This Rule sets out the meaning of words used in the these Rules.
means the Member’s annual basic salary or wages earned from the Participating Employer together with such other remuneration as the Participating Employer, with the consent of the Trustee, decides.
Pensionable Pay cannot, however, exceed the amount of the Earnings Cap at the relevant date.
For the purposes of this Pension Trust and the Rules the following terms have the following meanings:
“ Act ” means the Taxes Act 1988 including any statutory amendment, modification or re–enactment;
“Aggregate Retirement Benefit” means:
the annual pension which would be payable to a Member if the following did not apply: the “Elections at Retirement” Rule, increases to GMP, the “State Graduated Retirement Benefits” Rule (if any) and the “Additional Voluntary Contributions by Members” Rule; plus
the Member’s Normal Lump Sum divided by a conversion factor of 1 per annum of pension equivalent to a lump sum of 12; plus
the pension payable under the “Additional Voluntary Contributions by Members” Rule; less
the pension (if any) that the Member has surrendered under the “Joint Annuitant’s Pension” Rule.
“Associated” in relation to more than one employment means that one of the employers concerned was controlled by the other, or both were controlled by a third party; in this context
“control” has the meaning set out in section 840 of the Act.
“Associated Employment” means 2 or more concurrent employments held by the Member where:
there is a period during which the Member held all of them;
the period counts under the Scheme in the case of all of them as a period in respect of which benefits are payable;
during the period all the employers in question are Associated.
“Associated Scheme” means:
in respect of a Class A Member or a Class B Member any Relevant Scheme which provides benefits in respect of Relevant Employment; or
in respect of a Class C Member any Relevant Scheme which is a Connected Scheme or which provides benefits in respect of Relevant Employment.
“Class A Member” means a Member who entered into membership of:
the Scheme; or
an Interavailability Scheme
before 17th March 1987 PROVIDED THAT the Member may elect at any time before the Relevant Date to be deemed to have become a Class C Member on 1st June 1989.
“Class B Member” means a Member who entered into membership of:
the Scheme; or
an Interavailability Scheme
on or after 17th March 1987 but before 1st June 1989 PROVIDED THAT the Member may elect at any time before the Relevant Date to be deemed to have become a Class C Member on 1st June 1989.
“Class C Member” means a Member who entered into membership of the Scheme on or after 1st June 1989 and any Class A Member or Class B Member who is deemed to have entered into membership of the Scheme on or after that date.
“Connected Scheme” means any Relevant Scheme where:
there is a period during which the Member has been the employee of two Associated employers;
that period counts under both schemes as a period in respect of which benefits are payable; and
the period counts under one scheme for service with one employer and under the other for service with the other employer.
“Dependant” and “Eligible Dependant” have the same meanings as in the Rules and for the purposes of these limits include a spouse or former spouse entitled to a benefit.
“Final Remuneration” means the greater of:
the aggregate of:
Pensionable Pay for the year preceding the Relevant Date; and
the yearly average over 3, 4 or 5 consecutive tax years ending immediately prior to the expiry of (a) above preceding the Relevant Date of any Fluctuating Emoluments provided that Fluctuating Emoluments shall be increased in proportion to any increase in the Index from the last day of that tax year up to the Relevant Date; and
the yearly average of total emoluments for any 3 consecutive tax years ending not more than 10 years before the Relevant Date provided that before calculating the said average the total emoluments for any tax year shall be increased in proportion to any increase in the Index from the last day of the tax year in which the emoluments were paid and the Relevant Date.
Provided also that:
in the case of a Class C Member remuneration and the annual rate of the Member’s remuneration shall not exceed the permitted maximum as defined in section 590C(2) of the Act;
in the case of a Class B Member for the purposes of calculation of the maximum lump sum, Final Remuneration shall not exceed £100,000 per annum or such other sum as may be specified in an order amending that amount made by the Treasury; and
in the case of a Class B Member whose remuneration in any tax year ended on 6th April 1988 or later has exceeded £100,000 or such other figure as may be specified in an order made by the Treasury, Final Remuneration shall, subject to proviso (b) above, be calculated in accordance with method (ii) above, and method (i) shall not apply; and
in the case of the maximum lump sum on death in service, the Pensionable Pay for the year in question in (i)(a) above shall be replaced by the rate of Pensionable Pay in force on the day of death if this leads to the computation of Final Remuneration being increased.
“Final Average Pay” has the same meaning as in the Rules.
“Fluctuating Emoluments” in relation to a Member means the aggregate of:
any remuneration (excluding anything in respect of which tax is chargeable under section 148 of the Act) received by the Member in excess of his or her Pensionable Pay; and
any benefits in kind in respect of which he or she is assessed for income tax under Schedule E of the Act.
“Incapacity” has the same meaning as in the Rules.
“Index” means the Government’s Index of Retail Prices, or such other index as may be agreed between the Trustee and the Board of Inland Revenue.
“Interavailability Scheme” means any scheme where:
there was a period during which the Member was an employee of the Participating Employer;
that period counted under the scheme as a period in respect of which benefits were payable; and
a transfer value has been paid to the Scheme either under Clause 8B (Transfers–In) or under a Statutory Instrument made under section 7 of the Transport Act 1962 .
“IR Limit Employment” means:
in respect of a Class A Member or a Class B Member that Member’s employment by the Participating Employer; and
in respect of a Class C Member the aggregate of the Member’s employment by the Participating Employer; and any period which counts in respect of any Associated Employment or any Connected Scheme.
“Normal Lump Sum” means (1) in the case of the Shared Cost Arrangement, the Member’s lump sum under Rule 5B (Lump Sum on Retirement between Minimum Pension Age and Age 65) and (2) in the case of the 1994 Pensioners “A” and “B” Sections, the aggregate of the Member’s lump sum benefit under BR Rule 13 and BR Rule 13A.
“Relevant Date” means whichever is the earlier of the Member’s leaving Service, the Member’s death and the Member’s 65th birthday.
“Relevant Employment” means in relation to a Class A or Class B Member, service with a Participating Employer, and in relation to a Class C Member, the aggregate of service with a Participating Employer and any period which counts in respect of any Associated Employment or any Connected Scheme.
“Relevant Scheme” means a scheme for the provision of relevant benefits as defined in Chapter I of Part XIV of the Act and which is approved or is seeking approval under Chapter I of Part XIV of the Act.
“Remuneration” in relation to any year means:
as regards a Class A Member or a Class B Member the aggregate of the total emoluments for the year in question from his or her employer which are assessable to Income Tax under Schedule E;
as regards a Class C Member the aggregate of the total emoluments for the year in question from his or her employer and from any Associated Employment or any Connected Scheme which are assessable to Income Tax under Schedule E provided that in arriving at such emoluments there shall be disregarded any emoluments in excess of the permitted maximum as defined in section 590C(2) of the Taxes Act excluding in the case of a Member who left Service after 5th April 1987 anything in respect of which tax is chargeable under section 148 of the Taxes Act.
“Tax Year” means the year ending immediately prior to 5th April which is used by the Participating Employer for PAYE tax purposes.
“Transferred Membership” means any period of additional membership granted under rule 6(2) of the New Section of the British Railways Superannuation Fund or any predecessor to that rule, rule 6(2) of the British Railways (Wages Grades) Pension Fund or any predecessor to that rule or as a result of a transfer–in to the Scheme.
In any case when the Inland Revenue either generally or in any particular case permits payment of a higher sum by way of benefit or contributions than that described above, the Trustee or the Member (as appropriate) may pay the higher sum.
Transfers (not following a compulsory change in employment)
(a) If the benefits of a Member who has retained his rights under the Railway Pensions (Protection and Designation) Order 1994 are transferred within 15 months of leaving Service then the amount of the transfer payment will be equal to the Member’s Past Service Reserve. Otherwise, the amount of the transfer payment will be equal in value to the cash equivalent of the Member’s benefits calculated in accordance with the Transfer Value Laws. The benefits to be provided under the receiving Section will be calculated using the same actuarial basis and assumptions as the Actuary used to determine the amount of the transfer payment.
The Designated Employer may in either case agree to a higher transfer payment (but not exceeding a share of the fund).
The Trustee may, having regard to Clause 2G, agree to a higher transfer payment (but not exceeding a share of fund) in relation to a Member who has retained his rights under the Railway Pensions (Protection and Designation) Order 1994 whose benefits are transferred within 15 months of leaving Service provided that the higher transfer payment:—
(i) does not exceed the amount which is sufficient to credit the Member with Pensionable Service on a year for year basis in respect of the period of Pensionable Service in relation to which the transfer is made adjusted to take account of any difference in benefit structure between the transferring and receiving Sections; and
(ii) shall not cause an increase in contributions under Rule 3A.
Transfers (following a compulsory change in employment)
(b) If the benefits of a Member who is a Protected Person are transferred following a compulsory change in employment on or before 30th September 2003, the amount of the transfer payment will be calculated on a share of fund basis.
If benefits are transferred following a compulsory change in employment in the case of a Member who is not a Protected Person or who is a Protected Person but does not transfer on or before 30th September 2003 then the amount of the transfer payment will be equal to the Member’s Past Service Reserve unless the Designated Employer agrees to a higher transfer payment (not exceeding a share of the fund).
The benefits to be provided under the receiving Section will be calculated using the same actuarial basis and assumptions as the Actuary used to determine the amount of the transfer payment and will be actuarially equivalent to the amount transferred to the receiving Section.
Members are persons who on or before 31st March 1994 became entitled to benefits in payment or in deferment under the BR Pension Scheme, and their beneficiaries.
With the consent of the Secretary of State, the Trustee may admit to membership of the Section a person who receives a pension from or retains rights under an occupational pension scheme other than the BR Pension Scheme.
Members are persons who between 1st April and 30th September 1994 became entitled to benefits in payment or on deferment under the BR Pension Scheme and their beneficiaries.
The benefits under the Policy shall become payable only when a Member becomes entitled to a benefit under the Section other than a deferred benefit under Rule 9A (Deferred Benefits).
The Participating Employer shall deduct contributions payable under paragraph 1 above from the earnings of Members employed by it and shall pay to the Trustee on 1st July each year the amount specified at paragraph 3. Immediately on receipt of that amount the Trustee shall pay to the Insurer:
(a) an amount equal to the total amount payable under paragraph 1 above during the following year on the assumption that Members employed by it continue to contribute during the whole of that year;
plus
(b) an amount equal to the amount received under paragraph 2 above in the year ending on the previous day;
less
(c) the amount calculated under (a) above on 1st July in the previous year; and
less
(d) any amounts refunded by the Insurer to the Trustee during the year ending on the previous day.
For age differences outside the range of the tables, the factors shall be determined by the Actuary.
A Wages Grades Member to whom this schedule applies by virtue of paragraph 1(i) shall be entitled to a Preserved Death Benefit, a Preserved Lump Sum and a Preserved Pension of the amounts (if any) shown in column 3 of parts 2, 3 and 4 in respect of each scheme of which he or she was a member.
In respect of a Member who joined the British Railways (Wages Grades) Pension Fund after 14th August 1967:
(i) items (a)(i), (a)(ii), (a)(iii) and (a)(iv) above but restricted to the amounts they would have been had the Member joined the British Railways (Wages Grades) Pension Fund on 14th August 1967 plus
(ii) benefits in respect of credited membership the same as those which were determined by the British Railways Board on the advice of the actuary to the British Railways (Wages Grades) Pension Fund in respect of credited membership of that Fund plus
(iii) benefits granted under Rule 17B (Members who were members of the BR Pension Scheme on 16th September 1991).
In the case of a Member who immediately prior to 1st April 1987 was a member of the New Section and to whom Rule 5A(5) applies, items (3)(iv), (3)(vi), (4)(ii) and (4)(iii) shall be calculated for this purpose on the basis of rule 13(4)(A) of that Fund.
Clause 9 (Contracting–out) overrides any provisions which are inconsistent with it.
In the case of a Class A Member or a Class B Member the Member’s Aggregate Retirement Benefit shall not exceed the following:
(a) in the case of a Member leaving Service at Minimum Pension Age or attaining age 65, the aggregate of:
(1) 1/60th of the Member’s Final Remuneration multiplied by the aggregate of:
(I) his or her IR Limit Employment subject to a maximum of 40 years; and
(II) the number of years (if any) of IR Limit Employment which:
(1) are in excess of 40 such years; and
(2) fall after the Member’s Minimum Pension Age subject to a maximum of 5 such years; and
(2) Transferred Membership multiplied by 1/60th of his or her Final Average Pay;
(b) in the case of a Member who leaves Service and qualifies for a pension on grounds of Incapacity a pension of the same amount as could have been provided under section (a) above had the Member remained in Service until Minimum Pension Age, Final Remuneration being computed as at the day of leaving Service; or
(c) in the case of a Member who leaves Service before Minimum Pension Age but does not qualify for a pension on grounds of Incapacity the aggregate of:
(1) the Member’s IR Limit Employment (subject to a maximum of 40 years) multiplied by 1/60th of his or her Final Remuneration; and
(2) the Member’s Transferred Membership multiplied by 1/60th of his or her Final Average Pay
increased by the proportion (if any) by which the Index has increased between the day the Member left Service and the day his or her pension commences.
Each Designated Employer covenants with the Trustee that it shall not exercise any of its rights as a member of Railtrust Holdings Limited, including any right which would have the effect of amending the Memorandum and Articles of Association of the Trustee or of Railtrust Holdings Limited, without the prior written consent of 75% of the directors of the Trustee.
The Trustee may not resign from its office as trustee of the Scheme and section 36 of the Trustee Act 1925 shall not apply.
Any person may be a director of Railtrust Holdings Limited or of the Trustee and may benefit from a power which he is involved in exercising as a director of Railtrust Holdings Limited or of the Trustee regardless of whether he is also a Member or whether he has a direct or indirect interest in the Scheme or is a director of a Participating Employer.
25% of the directors of the Trustee may at any time take legal advice on legal action in relation to a Section independently of the other directors of the Trustee except that in the case of the 1994 Pensioners “A” and “B” Sections the agreement of the Secretary of State is also required. The expenses of that legal advice shall be met out of the Scheme assets, and shall be subject to a limit set by the Trustee which may be increased from time to time.
Each Employee whose contract of service says that he is eligible to join the Section or who has a right under paragraph 8 of Schedule 11 to the Railways Act may join immediately on the Monday coincident with or immediately after starting Service. The Trustee shall include an Employee in the Section automatically if the Employee’s contract of service so provides or if provided for by an order of the Secretary of State under paragraph 4 of Schedule 11 to the Railways Act, consistent always with Revenue Approval.
An Employee who does not join the Section at the first opportunity may join later only with the specific permission of the Participating Employer.
With the consent of the Trustee, a Participating Employer may vary the above requirements of this Rule for any of its Employees or a class of its Employees.
Applications to join the Section must be made in the form required by the Trustee.
A Member ceases to be eligible in the circumstances set out in Rule 15 (Ceasing to be Eligible).
A Member who has opted out may rejoin only in the circumstances set out in Rule 16 (Opting Out).
Each Employee whose contract of service says that he is eligible to join the Section may join immediately on starting Service. The Trustee shall include an Employee in the Section automatically if the Employee’s contract of service so provides consistent always with Revenue Approval.
An Employee who does not join the Section at the first opportunity may join later only with the specific permission of the Participating Employer. With the consent of the Participating Employer the Trustee may treat a person as having joined the Section on the date on which he became eligible to join the Section.
A Participating Employer may vary the above requirements of this Rule for any of its Employees or a class of its Employees.
Applications to join the Section must be made in the form required by the Trustee.
A Member ceases to be eligible in circumstances set out in Rule 16 (Ceasing to be Eligible).
A Member who has opted–out may rejoin only in the circumstances set out in Rule 17 (Opting Out).
Each Employee whose contract of service says that he is eligible to join the Section may join immediately on starting Service. The Trustee shall include an Employee in the Section automatically if the Employee’s contract of service so provides consistent always with Revenue Approval.
An Employee who does not join the Section at the first opportunity may join later only with the specific permission of the Participating Employer. With the consent of the Participating Employer the Trustee may treat a person as having joined the Section on the date on which he became eligible to join the Section.
A Participating Employer may vary the above requirement of this Rule for any of its Employees or a class of its Employees.
Applications to join the Section must be made in the form required by the Trustee.
A Member ceases to be eligible in circumstances set out in Rule 13 (Ceasing to be Eligible).
A Member who has opted–out may rejoin only in the circumstances set out in Rule 14 (Opting out).
The Trustee may delegate powers, duties or discretions to any person and on any terms (including the power to sub–delegate). In delegating powers, duties or discretions under this Clause the Trustee shall act in accordance with Clause 2G (Fiduciary Duty).
In particular with the consent of the Pension Committee concerned, the Trustee shall delegate the powers, duties and discretions set out in Appendix 5 to Pensions Committees. If, however:
(a) the Trustee and the Designated Employer so agree; or
(b) the Trustee is of the opinion that the Pensions Committee is unlikely to be able to perform properly any or all of the powers, duties and discretions set out in Appendix 5,
then the Trustee may delegate some or none of the powers, duties or discretions set out in Appendix 5 or may delegate powers, duties or discretions, different or additional to those set out in Appendix 5. In the case of the 1994 Pensioners “A” and “B” Sections the Designated Employer is the Secretary of State.
All powers, duties and discretions exercised by or delegated to a Pensions Committee shall be exercised in accordance with its fiduciary duties to the beneficiaries of the Section concerned.
The terms of any delegation by the Trustee under this Clause (including delegation of the administration of the Scheme and delegation to a Pensions Committee) shall be set out in writing and shall be subject to a regular review following consultation with the Pensions Committee and Designated Employer concerned. The first regular review shall take place not later than 3 years after the date of establishment of the Scheme (or, in the case of delegation to a Pensions Committee, not later than 3 years after the date the Trustee first delegates to that Pensions Committee) and subsequent reviews shall be carried out at intervals of not more than 3 years.
The Trustee may revoke at any time any or all of the powers, duties and discretions which it has delegated to a Pensions Committee if it is of the opinion that the Pensions Committee in question is unlikely to be able to continue to perform properly those powers, duties and discretions.
In the event that the Trustee either does not delegate its powers, duties and discretions under Rules 13, 14 and 15 of the Pensioners “A” and “B” Sections to the Pensions Committee or revokes any of these delegations, then the Secretary of State will be entitled to appoint a representative who may attend meetings of the board of the Trustee (but who will not be entitled to vote or count towards the quorum).
Unless an Employee is included in the Section automatically under Rule 2A, either the Participating Employer or the Trustee may at its discretion require the Employee to pass a medical examination to its satisfaction before admission to the Section.
Unless an Employee is included in the Section automatically under Rule 2A, either the Participating Employer or the Trustee may at its discretion require the Employee to pass a medical examination to its satisfaction before admission to the Section.
Unless an Employee is included in the Section automatically under Rule 2A, either the Participating Employer or the Trustee may at its discretion require the Employee to pass a medical examination to its satisfaction before admission to the Section.
The Trustee shall pay the expenses of the Scheme (including its own expenses through acting as a trustee and its costs of management and administration and the expenses of Railtrust Holdings Limited) out of the Scheme’s assets.
The Trustee may also pay any fee, remuneration or expenses which it considers reasonable to any of its officers or employees. The Trustee and any officer or employee of the Trustee is entitled to retain beneficially any fee or remuneration which it or he receives.
The expenses of the Scheme shall be apportioned between Sections on a basis which the Trustee decides is equitable (taking into account all relevant factors including the number of Members participating in each Section and the administration expenses attributable to those Members). Expenses properly attributable to a Section shall be met only out of the Section Assets.
On an annual basis the Trustee shall consult with each Pensions Committee (or, if there is no Pensions Committee, the Designated Employer) about the details of the annual budget for expenses in relation to its Section and shall report at the end of the year on actual expenses incurred.
Neither the Trustee nor its subsidiaries nor any officer or employee of the Trustee or its subsidiaries, nor any member of a Pensions Committee shall be liable for any breach of trust (whether by act or omission) not due to personal conscious wrongdoing or recklessness. No officer or employee of the Trustee or its subsidiaries nor any member of a Pensions Committee who carries on or is involved in the carrying on of the business of professional trustee shall be relieved of liability for breach of trust due to negligence.
With the consent of 51% of the Designated Employers the Trustee may insure the Scheme against any loss caused by it or its employees, officers, agents or delegates or any member of a Pensions Committee and may also insure itself and any of its employees, officers, agents or delegates and any member of a Pensions Committee against liability for breach of trust not involving the personal conscious wrongdoing or recklessness of the person concerned (and in the case of a person who carries on or is involved in the carrying on of the business of professional trustee, not involving the negligence of the person concerned). The Designated Employers and the Trustee shall agree the terms of any insurance (including terms as to payment). To the extent that the Trustee is covered by insurance and has secured payment in full from that insurance, it shall waive the protection of Clause 2D (Limit of Liability) and Clause 2F (Trustee Indemnity) shall not apply.
The Participating Employers (in such proportions as the Trustee requires) shall reimburse the Trustee for any expenses and liabilities which it incurs through acting as trustee of the Scheme but which cannot, for any reason, be met out of the Scheme’s assets. This does not, however, apply to expenses and liabilities which are due to the personal conscious wrongdoing or recklessness of any officer or employee of the Trustee or its subsidiaries or any member of a Pensions Committee nor, in the case of any officer or employee of the Trustee or any member of a Pensions Committee who carries on or is involved in the carrying on of the business of professional trustee, to negligence.
The liability of the Participating Employers in each Section shall, however, be limited to the part of the total liability that the Trustee, acting on actuarial advice, certifies to be attributable to the Section concerned.
Any power, duty or discretion conferred on the Trustee or on a Pensions Committee by this Pension Trust shall be exercised in accordance with its fiduciary duties to the beneficiaries of the Scheme or the Section concerned.
In any case where the first transfer of Members' benefits are made from the Section established by the British Railways Board adopting the Rules of the Shared Cost Arrangement to another Section as a consequence of a Transfer Scheme the amount of the transfer payment will be calculated on a share of fund basis determined on the same actuarial basis as transfers under the Transfer Orders.
For the purposes of this paragraph 8C 3 “Transfer Scheme” means a transfer scheme made pursuant to section 85 of the Railways Act on or after 1st April 1994.
Members do not contribute.
When a Member who leaves Service with deferred benefits exercises his right under Rule 10A (Member’s Right to Transfer or “Buy–out”), a lump sum equal to the proceeds of the Policy in respect of the Member shall be added to the transfer payment.
The Participating Employer shall contribute such amounts as it determines on the advice of the Actuary to be necessary to meet the cost of providing the BRASS–SO Added Years described at paragraph 5 in respect of Members employed by it. These contributions shall be paid in accordance with Clause 5B of the Pension Trust (Payment of Participating Employers' Contributions).
The lump sum payable under Rule 7 (Death in Service on or before Age 65) or Rule 8 (Death after Retirement) on the death of a Wages Grades Member to whom this schedule applies shall be reduced by the excess of:
(i) the aggregate of:
(a) the proportion of each element of the Preserved Death Benefit (if any) shown in column 4 of parts 2, 3 and 4 in respect of each scheme (if any) of which he or she was a member; and
(b) the amount of the capital sum death benefit (if any) payable from the pension schemes mentioned in items (ii), (iii), (iv) and (v) of paragraph 1 which was provided by contributions from the employer;
over
(ii) £125,
except that the lump sum payable as aforesaid shall not be reduced under this paragraph below the Member’s Accumulated Contributions (as defined in the rules of the British Railways (Wages Grades) Pension Fund).
In respect of a Member who immediately prior to 1st April 1987 was a member of the New Section and who joined the New Section on 14th September 1970:
(i) Preserved Death Benefits;
(ii) benefits granted under Schedule 1 para (4);
(iii) benefits granted under Schedule 1 para (10);
(iv) benefits granted under Schedule 1 paras (1), (2)(a) and (6)(c) and benefits granted under Rule 17B;
(v) benefits in respect of credited membership; and
(vi) benefits granted under Schedule 1 para (9)(b).
Where in addition to being a member of this Scheme the Member is also a member of a scheme approved by the Revenue (the voluntary Scheme) which provides additional benefits to supplement those provided by this Scheme and to which no contributions are made by any employer of his, the provisions of the paragraph that follows shall apply in relation to any augmentation of the benefits provided for him by this Scheme after he has ceased to participate in it.
Any provisions in this Scheme imposing a limit on the amount of a benefit provided for the Member shall have effect (notwithstanding anything in them to the contrary) as if they provided for the limit to be reduced by the amount of any like benefit provided for the Member by the voluntary Scheme.
In the case of a Class C Member the Member’s Aggregate Retirement Benefit shall not exceed the following:
(a) in the case of a Member leaving Service at Minimum Pension Age or attaining age 65 the aggregate of:
(1) the Member’s IR Limit Employment (subject to a maximum of 40 years) multiplied by 1/60;th of his or her Final Remuneration; and
(2) the Member’s Transferred Membership multiplied by 1/60th of his or her Final Average Pay;
(b) in the case of a Member who leaves Service and qualifies for a pension on grounds of Incapacity a pension of the same amount as could have been provided under section (a) above had the Member remained in Service until Minimum Pension Age, Final Remuneration being computed as at the day of leaving Service; or
(c) in the case of a Member who leaves Service before Minimum Pension Age but does not qualify for a pension on grounds of Incapacity the aggregate of:
(1) the Member’s IR Limit Employment (subject to a maximum of 40 years) multiplied by 1/60th of his or her Final Remuneration; and
(2) the Member’s Transferred Membership multiplied by 1/60th of his or her Final Average Pay
increased by the proportion (if any) by which the Index has increased between the day the Member
The Railways Pension Scheme Order 1994 (legislation.gov.uk, OGL v3.0). Retrieved via LawPlayer, https://lawplayer.com/uk/act/uksi-1994-1433
Contains public sector information licensed under the Open Government Licence v3.0.
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