The Railways Pension Scheme Order 1994

Surplus Assets on winding–up

22C  If any of the Section Assets remain, the Actuary shall calculate what proportion of those remaining assets relates to Members who are Protected Persons and what proportion relates to Members and beneficiaries who are not Protected Persons but have the right to remain Members of the Section (together known as “Protected Members”) and what proportion relates to Members who are not Protected Members.

The proportion relating to Members who are Protected Members shall be applied by the Trustee having considered actuarial advice to secure such additional benefits for those Protected Members as the Trustee in its discretion may decide, consistent with Revenue Approval. Any balance remaining shall be paid to the Participating Employers in such shares as the Trustee determines.

In respect of the proportion relating to Members and beneficiaries who are not Protected Members 40% shall be used by the Trustee (having considered actuarial advice) to provide increased or additional benefits for all or any of them on a basis agreed with the Pensions Committee and consistent with Revenue Approval. The remaining assets shall be paid to the Participating Employers in such proportions as the Trustee in its discretion sees fit having considered actuarial advice and with the consent of the Designated Employer.