The Railway Pensions (Substitution) (Amendment) Order 2017

• Citation: S.I. 2017/153
• Sections: 7

Section 1 Citation and commencement

This Order may be cited as the Railway Pensions (Substitution) (Amendment) Order 2017 and comes into force on 12th March 2017.

Section 2 Amendments to the Railway Pensions (Substitution) Order 1994

The Railway Pensions (Substitution) Order 1994 is amended as follows.

Section 3 Amendments to the Railway Pensions (Substitution) Order 1994

In Schedule 2 (payments of capital and interest in respect of the remaining one half of the sum of the capital values specified in articles 3 and 5)—

(a) in paragraphs 2(1), 3(1) and 11(1), for “2003” substitute “2030”;

(b) in paragraph 2(3), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and (d)(ii) of the definition of “relevant amounts”, for “7(1)” substitute “7(A1) or (1)”;

(c) in paragraph 3(1), for “7(1)” substitute “7(A1) or (1)”;

(d) in paragraph 3(7), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and (d)(ii) of the definition of “relevant amounts”, for “7(1)” substitute “7(A1) or (1)”;

(e) in paragraph 4(2), for “7(1)” substitute “7(A1) or (1)”; and

(f) in paragraph 7—

(i) before sub-paragraph (1) insert—

(A1) Any interest which has accrued under paragraph 6 on 13th October in any year prior to and including 2030 on the outstanding balance of any Table B amount shall, on the day after it has accrued, be added to the outstanding balance of the amount specified in column 2 of Table B in relation to the year 10 years later than that year.

(ii) in sub-paragraph (1), after “any year” insert “after 2030”;

(iii) in sub-paragraph (2), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and d(ii) of the definition of “Y”, for “7(1)” substitute “7(A1) or (1)”; and

(iv) in sub-paragraph (4), for “sub-paragraph (1) requires” substitute “sub-paragraph (A1) or (1) requires interest or”.

Section 4 Amendments to the Railway Pensions (Substitution and Miscellaneous Provisions) Order 1995

The Railway Pensions (Substitution and Miscellaneous Provisions) Order 1995 is amended as follows.

Section 5 Amendments to the Railway Pensions (Substitution and Miscellaneous Provisions) Order 1995

In Schedule 2 (payments of capital and interest in respect of the remaining one half of the sum of the capital values specified in articles 3 and 5)—

(a) in paragraphs 2(1), 3(1) and 11(1), for “2004” substitute “2030”;

(b) in paragraph 2(3), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and (d)(ii) of the definition of “relevant amounts”, for “7(1)” substitute “7(A1) or (1)”;

(c) in paragraph 3(1), for “7(1)” substitute “7(A1) or (1)”;

(d) in paragraph 3(7), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and (d)(ii) of the definition of “relevant amounts”, for “7(1)” substitute “7(A1) or (1)”;

(e) in paragraph 4(2), for “7(1)” substitute “7(A1) or (1)”; and

(f) in paragraph 7—

(i) before sub-paragraph (1) insert—

(A1) Any interest which has accrued under paragraph 6 on 13th October in any year prior to and including 2030 on the outstanding balance of any Table B amount shall, on the day after it has accrued, be added to the outstanding balance of the amount specified in column 2 of Table B in relation to the year 10 years later than that year.

(ii) in sub-paragraph (1), after “any year” insert “after 2030”;

(iii) in sub-paragraph (2), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and d(ii) of the definition of “Y”, for “7(1)” substitute “7(A1) or (1)”; and

(iv) in sub-paragraph (5), for “sub-paragraph (1) requires” substitute “sub-paragraph (A1) or (1) requires interest or”.

Section 6 Amendments to the Railway Pensions (Designation, Substitution and Miscellaneous Provisions) Order 2001

The Railway Pensions (Designation, Substitution and Miscellaneous Provisions) Order 2001 is amended as follows.

Section 7 Amendments to the Railway Pensions (Designation, Substitution and Miscellaneous Provisions) Order 2001

In Schedule 1 (payments of capital and interest in respect of the sum of the capital values specified in article 4(2) and (4))—

(a) in paragraph 2(1), for “2010” substitute “2030”;

(b) in paragraph 2(3), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and (d)(ii) of the definition of “relevant amounts”, for “7(1)” substitute “7(A1) or (1)”;

(c) in paragraphs 3(1) and 11(1), for “2004” substitute “2030”; and

(d) in paragraph 3(1), for “7(1)” substitute “7(A1) or (1)”;

(e) in paragraph 3(7), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and (d)(ii) of the definition of “relevant amounts”, for “7(1)” substitute “7(A1) or (1)”;

(f) in paragraph 4(2), for “7(1)” substitute “7(A1) or (1)”; and

(g) in paragraph 7—

(i) before sub-paragraph (1) insert—

(A1) Any interest which has accrued under paragraph 6 on 13th October in any year prior to and including 2030 on the outstanding balance of any Table B amount shall, on the day after it has accrued, be added to the outstanding balance of the amount specified in column 2 of Table B in relation to the year 10 years later than that year.

(ii) in sub-paragraph (1), after “any year” insert “after 2030”;

(iii) in sub-paragraph (2), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and d(ii) of the definition of “Y”, for “7(1)” substitute “7(A1) or (1)”; and

(iv) in sub-paragraph (5), for “sub-paragraph (1) requires” substitute “sub-paragraph (A1) or (1) requires interest or”.