Statutory Instrument 1994 No. 1433

      The Railways Pension Scheme Order 1994

      © Crown Copyright 1994

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STATUTORY INSTRUMENTS

1994 No. 1433

TRANSPORT

The Railways Pension Scheme Order 1994

Made 27th May 1994
Coming into force 31st May 1994


TABLE OF ARRANGEMENT

Article 1  Citation, commencement and interpretation
Article 2  Establishment of the Railways Pension Scheme
Article 3  Designation of the Joint Industry Scheme

The Schedule

  The Pension Trust containing provisions relating to the whole of the Scheme 
Clause 1  Meaning of Words Used
Clause 2  Trustee
2A  Constitution
2B  Delegation
2C  Expenses and Charges
2D  Limit of Liability
2E  Trustee Insurance
2F  Trustee Indemnity
2G  Fiduciary Duty
Clause 3  The Scheme Sections
3A  Participation of Participating Employers
3B  Participating Employer establishing or participating in a Section
3C  Arrangements
3D  Defined Benefit Arrangement
3E  Defined Contribution Arrangement
3F  Participating Employer establishing more than one Section
3G  Change of Terms
3H  New Designated Employer
Clause 4  Pensions Committee
4A  Setting up a Pensions Committee
4B  Delegation
4C  Expenses
Clause 5  Assets of the Scheme
5A  Contributions by Employers
5B  Payment of Employers' Contributions
5C  Payment of Members' Contributions
5D  Interest on Late Payment
5E  Assets held on Trust
5F  Application of Assets
5G  Consultation with Pensions Committees
Clause 6  Accounts, Actuarial Valuations and Annual Reports
6A  Accounts
6B  Actuarial Valuations
6C  Annual Reports
Clause 7  General Provisions about Scheme Benefits
7A  Payment of Benefits
7B  Deduction of Tax
7C  Beneficiary who is Incapable
7D  Benefits not Assignable
7E  Forfeiture of Benefits
7F  Notices
7G  Inland Revenue Limits
7H  Protected Persons
Clause 8  Scheme Benefits — Powers of Trustee
8A  Commutation Triviality
8B  Transfers-in
8C  Transfers-out
8D  "Buy-Outs"
Clause 9  Contracting-out
9A  Overrides other Provisions
9B  GMPs
9C  Late Retirement
9D  Early Leavers
9E  Anti-franking
9F  Transferred GMPs
9G  Other Contracting-out Requirements
Clause 10  Ceasing to Participate
10A  When Participation Ceases
10B  One Participating Employer in a Section ceases to Participate
10C  All Participating Employers in a Section cease to Participate
10D  Participating Employer transfers between Sections
Clause 11  Winding up a Section where all Participating Employers cease to Participate
11A  All Participating Employers in a Section cease to Participate
11B  Expenses and Sums Due
11C  Buying Annuities
11D  Additional Voluntary Contributions
11E  Transfers
11F  Surplus Assets on Winding—up
11G  GMPs
11H  Trivial Benefits
11I  Defined Contribution Arrangement
Clause 12  Change of Franchise Operator or Sale of Business
12A  Participating in a Section
12B  Change of Franchise Operator
Clause 13  Changing the Pension Trust and Rules
13A  Changing the Pension Trust or Rules generally
13B  Changing only the Rules of a Section
13C  Restrictions on Changes
Clause 14  Governing Law

  Appendix 1  The 1994 Pensioners Sections
 
Part 1
Rules of the 1994 Pensioners "A" Section—
Rule 1  Meaning of Words Used
Rule 2  Membership of the Section
Rule 3  Contributions by Members
Rule 4  Benefits
Rule 5  Death after Retirement
5A  Lump Sum and Pension
5B  Lump Sum
5C  Pensions for Eligible Spouse and Eligible Children
5D  Pensions for Legal Spouse and Eligible Dependants
Rule 6  Early Leavers
6A  Deferred Benefits
6B  Increases
6C  Benefits on the death of an Early Leaver
Rule 7  Right to Transfer or "Buy-Out"
7A  Member's Right to Transfer or "Buy-Out"
7B  Requirements for "Buy-Out" Policies
7C  Requirements for Transfers
Rule 8  Other Choices for Early Leavers
8A  Early Benefits
8B  Additional Pension
8C  Additional Lump Sum
8D  Joint Annuitant's Pension
8E  Early Retirement Level Pension Option
Rule 9  Special Provisions for Certain Members
9A  Member who joined the BR Pension Scheme before 1st June 1989
9B  Pension for Spouse of a Member who ceased to contribute to the BR Pension Scheme before 1st July 1986 and dies on or after 1st July 1988
9C  Pension for widow of a Member who ceased to contribute to the BR Pension Scheme before 1st July 1986 and dies on or after 16th September 1991
9D  Member who ceased to contribute to the BR Pension Scheme between 1st July 1986 and 30th June 1988 and dies after 16th September 1991
9E  Special Lump Sum for Members who left the BR Pension Scheme with preserved benefits between 1st July 1988 and 30th June 1992
Rule 10  Pension Increases
10A  General
10B  Members who left Employment or reached Minimum Pension Age before 1st July 1986
10C  BR Pension Scheme increases on 1st July 1988
10D  BR Pension Scheme increases on 16th September 1991
Rule 11  General Rules about Benefits
11A  Off-set for Crime or Fraud
11B  Discretionary Death Benefit Trusts
11C  Members with no Personal Representatives
Rule 12  Contracting-Out and State Graduated Retirement Benefits
12A  Override
12B  GMP Increase
12C  State Graduated Retirement Benefits
Rule 13  Surplus Assets
Rule 14  Shortfall
Rule 15  Application of Assets
Rule 16  Winding—up the Section
16A  Time of Termination
16B  Use of Assets on Termination
Rule 17  Guarantee
Rule 18  Changing the Rules
 
The Schedule to Appendix 1 —
Pensions Committee
 
Part 2
Rules of the 1994 Pensioners "B" Section
Rule 1  Meaning of Words Used
Rule 2  Membership of the Section
Rule 17  Transfer to the 1994 Pensioners "A" Section

  Appendix 2  The Arrangements and Rules Governing the Arrangements
 
Part 1
Rules of the Shared Cost Arrangement
Rule 1  Meaning of Words Used
Rule 2  Joining the Section
2A  Joining
2B  Evidence of Health
Rule 3  Normal Contributions by Participating Employers and Members
3A  Normal Contributions by Participating Employers
3B  Normal Contributions by Members
Rule 4  Additional Contributions by Members and Participating Employers
4A  Additional Voluntary Contributions by Members
4B  Additional Contributions by Participating Employers
4C  Additional Contributions by Protected Persons who transferred from certain railway pension schemes to the New Section
4D  Additional Contributions by Members who are Protected Persons for Antedating Membership
4E  Additional Contributions from Professionals and Senior Officers
4F  Additional Contributions for Senior Officers who were members of BRASS-SO
Rule 5  Benefits for Members at Retirement
5A  Retirement between Minimum Pension Age and Age 65
5B  Lump sum on Retirement between Minimum Pension Age and Age 65
5C  Members in Service after Age 65
5D  Early Retirement through Incapacity
Rule 6  Elections at Retirement
6A  Additional Pension
6B  Additional Lump Sum
6C  Joint Annuitant's Pension
6D  Early Retirement Level Pension Option
Rule 7  Death in Service on or before Age 65
7A  Lump Sum and Pension
7B  Lump Sum
7C  Pensions for Eligible Spouse and Eligible Children
7D  Pensions for Legal Spouse and Eligible Dependants
Rule 8  Death after Retirement
8A  Lump Sum and Pension
8B  Lump Sum
8C  Pensions for Eligible Spouse and Eligible Children
8D  Pensions for Legal Spouse and Eligible Dependants
Rule 9  Early Leavers
9A  Deferred Benefits
9B  GMP
9C  Benefits on the death of an Early Leaver
Rule 10  Right to Transfer or "Buy-Out"
10A  Member's Right to Transfer or "Buy-Out"
10B  Requirements for "Buy-Out" Policies
10C  Requirements for Transfers
Rule 11  Other Choices for Early Leavers
11A  Early Benefits
11B  Choices at Retirement
Rule 12  Early Leavers Rejoining
Rule 13  Members away from work
13A  General Principle
13B  Temporary Absence through Injury or Ill-Health
13C  Secondment
13D  Benefits for Members away from Work
Rule 14  Maternity
Rule 15  Ceasing to be Eligible
Rule 16  Opting Out
Rule 17  Special Provisions for Certain Members
17A  Members who joined the BR Pension Scheme before 1st June 1989
17B  Members who were members of the BR Pension Scheme on 16th September 1991
17C  BR Members who transferred from certain railway pension schemes to the New Section
17D  BR Members who joined the British Railways (Wages Grades) Pension Fund on 14th August 1967, 7th April 1975 or 6th April 1978
Rule 18  General Rules about Benefits
18A  Pension Increases
18B  Off-set for Crime or Fraud
18C  Discretionary Death Benefit Trusts
18D  Members with no Personal Representatives
18E  Discretionary Benefits
Rule 19  Contracting-out and State Graduated Retirement Benefits
19A  Override
19B  GMP Increase
19C  State Graduated Retirement Benefits
Rule 20  Surplus Assets
Rule 21  Shortfall
Rule 22  Winding—up the Section
22A  Time and Manner of winding—up
22B  Priority of Benefits
22C  Surplus Assets on winding—up
Rule 23  Changing the Rules
 
The Schedules to Part 1—
 
Schedule 1
BR Members who transferred from certain Railways Pension Schemes to the New Section
 
Schedule 2
BR Members who joined the British Railways (Wages Grades) Pension Fund ("the Wages Fund") on 14th August 1967, 7th April 1975 or 6th April 1978
 
Schedule 3
BRASS 2 Policy
 
Schedule 4
BRASS-SO
 
Schedule 5
Joint Annuity Factors
 
Schedule 6
Members who were Members of the British Railways (Wages Grades) Pension Fund and elected for a joint pension
 
Schedule 7
Early Retirement Level Pension Option Factors
 
Schedule 8
Early Retirement Factors
 
Schedule 9
Additional Contributions for Antedating Membership
 
Schedule 10
Special Terms for certain Members of the British Railways (Wages Grades) Pension Fund ("Wages Grades Members")
 
Schedule 11
Meaning of Preserved Benefits
 
Part 2
Rules of the Defined Benefit Arrangement
Rule 1  Meaning of Words Used
Rule 2  Joining the Section
2A  Joining
2B  Evidence of Health
Rule 3  Contributions by Participating Employers and Members
3A  Contributions by Participating Employers
3B  Contributions by Members
Rule 4  Additional Voluntary Contributions by Members
Rule 5  Benefits for Members at Retirement
5A  Minimum Pension Age
5B  Late Retirement
5C  Early Retirement (not Incapacity)
5D  Early Retirement through Incapacity
Rule 6  Elections at Retirement
6A  Lump Sum
6B  Dependant's Pension
6C  Early Retirement Level Pension Option
Rule 7  Lump Sum Payable on Member's Death
7A  Member dies in Service before Pension starts
7B  Member dies within 5 years after Pension starts
7C  Member with Preserved Pension
7D  Discretionary Trusts
Rule 8  Pensions for Spouses, Children and Dependants
8A  Spouse's and Children's Pension
8B  Other Dependant's Pension
8C  Member dies in Service before Pension starts
8D  Member dies after Pension starts
8E  Member with Preserved Pension
8F  Young Spouse
Rule 9  Early Leavers
9A  Preserved Pension
9B  Refund of Contributions and Preserved GMPs
9C  Qualifying Service
Rule 10  Right to Transfer or "Buy-Out"
10A  Member's Right to Transfer or "Buy-Out"
10B  Requirements for "Buy-Out" Policies
10C  Requirements for Transfers
Rule 11  Other Choices for Early Leavers
11A  Early Pension
11B  Late Pension
11C  Choices at Retirement
Rule 12  Early Leavers Rejoining
12A  Periods of Service treated separately
12B  Qualifying Service
Rule 13  Members away from Work
13A  General Principle
13B  Temporary Absence through Injury or Ill-Health
13C  Secondment
13D  Benefits for Members away from Work
Rule 14  Maternity
Rule 15  Part-time Employment
Rule 16  Ceasing to be Eligible
Rule 17  Opting Out
Rule 18  General Rules about Benefits
18A  Pension Increases
18B  Off-set for Crime, Fraud or Negligence
18C  Discretionary Benefits
18D  Serious Ill-Health
Rule 19  Contracting-out Override
Rule 20  Surplus Assets
Rule 21  Winding-up the Section
21A  Time and Manner of winding-up
21B  Surplus Assets
Rule 22  Changing the Rules
 
Part 3
Rules of the Defined Contribution Arrangement
Rule 1  Meaning of Words Used
Rule 2  Joining the Section
2A  Joining
2B  Evidence of Health
Rule 3  Contributions by Participating Employers and Members
3A  Contributions by Participating Employers
3B  Contributions by Members
Rule 4  Additional Voluntary Contributions by Members
Rule 5  Member's Accumulated Fund
Rule 6  Retirement Benefits
6A  Benefit Date
6B  Using the Member's Accumulated Fund
6C  Maximum Lump Sum
Rule 7  Death Benefits
7A  Using the Member's Accumulated Fund
7B  Discretionary Trusts
Rule 8  Additional Benefits
Rule 9  Early Leavers
9A  Preserved Benefits
9B  Refund of Contributions and Preserved GMPs
9C  Preservation Requirements
9D  Breaks in Qualifying Service
Rule 10  Right to Transfer or "Buy-Out"
10A  Member's Right to Transfer or "Buy-Out"
10B  Requirements for "Buy-Out" Policies
10C  Requirements for Transfers
Rule 11  Members away from Work
Rule 12  Maternity
Rule 13  Ceasing to be Eligible
Rule 14  Opting Out
Rule 15  General Rules about Benefits
15A  Purchase of Pensions
15B  Pension Increases
15C  Duration of Member's Pension
15D  Duration of Survivor's Pension
15E  Off-set for Crime, Fraud or Negligence
15F  Discretionary Benefits
15G  Serious Ill-Health
15H  Trustee's Discretion to accept Transfers-in
15I  Trustee's Discretion to Transfer-out
15J  Trustee's Discretion to "Buy-Out"
Rule 16  Contracting-out Override
Rule 17  Surplus Assets
Rule 18  Winding-up the Section where all Participating Employers cease to Participate
18A  All Participating Employers in a Section Cease to Participate
18B  Expenses and Sums Due
18C  Buying Annuities
18D  Additional Voluntary Contributions
18E  Surplus
18F  Transfers
18G  GMPs
18H  Trivial Benefits
Rule 19  Changing the Rules

  Appendix 3  Deed of Establishment and Participation
 
Part 1
For use in circumstances other than where the British Railways Board wishes to establish a Section adopting the Rules of the Shared Cost Arrangement
 
Part 2
For use in circumstances where the British Railways Board wishes to establish a Section adopting the Rules of the Shared Cost Arrangement

  Appendix 4  Pensions Committee

  Appendix 5  Model scheme of delegation

  Appendix 6  Inland Revenue Limits

  Appendix 7  Amendment Restrictions — Shared Cost Sections

  Appendix 8  Provisions Entrenched by Clause 13 — Shared Cost Sections

 

Explanatory Note


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