Part IV Railways
Chapter II Other provisions about railways
Pensions
I1C1244 Authority’s duty to continue Board’s practice of indexation.
1
The Authority shall make provision for increases in pensions and capital sums to which this section applies broadly corresponding to each increase in official pensions under the M1Pensions (Increase) Act 1971 and section 59 of the M2Social Security Pensions Act 1975 (“an official pensions increase”).
2
This section applies to a pension or capital sum at any time if—
a
at that time it is a pension in payment, a deferred pension or capital sum or a pension or capital sum to which a person’s future entitlement is contingent on the death of another person, and
b
the Board either made provision for an increase in it broadly corresponding to an official pensions increase or would have done so if it had been within paragraph (a) at a time when the Board made provision for increases broadly corresponding to an official pensions increase.
3
But where it was the practice of the Board, when making increases broadly corresponding to an official pensions increase, in any circumstances—
a
not to make provision for an increase, or
b
to make provision for an increase of a reduced amount,
subsection (1) does not require the Authority to make in similar circumstances provision for an increase in excess of any for which the Board would have made provision.
I2245 Amendments of pension protection provisions.
1
In paragraph 6(2)(a)(ii) of Schedule 11 to the M3Railways Act 1993 (power to make order providing for pension rights of protected persons to be no less favourable as a result of a transfer of pension rights), after “rights” insert “
(whether made between occupational pension schemes or sections of an occupational pension scheme or otherwise)
”
.
2
The M4Railway Pensions (Protection and Designation of Schemes) Order 1994 is amended as follows.
3
In article 6 (transfers etc.), insert at the end—
9
In paragraphs (2), (3), (5), (7)(a) and (b)(i) and (8) references to an occupational pension scheme include a section of such a scheme.
4
In article 7(4) (payments on transfers), insert at the end (but not as part of sub-paragraph (b))—
and in this paragraph references to an occupational pension scheme include a section of such a scheme.
5
In article 9 (circumstances in which breaks in continuity of employment are disregarded)—
a
in paragraph (2), omit “, except to the extent specified in paragraph (3),” and “relevant” (in both places), and
b
in paragraph (3), for “this article” substitute “
paragraph (1)
”
.
6
In article 11(4) (activities to be regarded as the railway industry)—
a
after “of Schedule 11 are” insert “
the activities of the Authority or any subsidiary of the Authority and activities consisting of
”
, and
b
for “in each case” substitute “
in each of the cases in sub-paragraphs (a) to (d)
”
.
7
Omit paragraphs 13 and 14 (arbitration).
8
The amendments made by subsections (3) to (7) shall be treated as if made by an order made under Schedule 11 to the M5Railways Act 1993 (and, accordingly, may be varied or revoked by an order so made).