The Railways Pension Scheme Order 1994

Transfers–in

8B  Except in the case of a Section which has adopted the rules of the Defined Contribution Arrangement, the Trustee must accept a transfer of assets in respect of a direction of the Secretary of State or in respect of a Transfer Order and in the case of Members who are Protected Persons shall provide benefits in respect of those assets as required by the Railway Pensions (Protection and Designation) Order 1994.

In all other circumstances, if the Designated Employer agrees and provided the transfer is made from an arrangement permitted by the Inland Revenue, the Trustee may accept a transfer of assets in respect of a person from another occupational pension scheme or a personal pension scheme or from another Section, or the surrender value of a Buy–out Policy or retirement annuity contract bought in the person’s name, and shall provide such benefits consistent with Revenue Approval and with the Preservation, Revaluation and Transfer Value Laws as the Trustee decides are appropriate (after considering actuarial advice) and having regard to the amount of the transfer payment received. The Trustee shall collect transfer payments as promptly as possible.

Where the transferred assets represent GMPs, the transferred GMPs shall be revalued as described in Clause 9F (Transferred GMPs).

Where the transferred assets represent protected rights, the protected rights shall be used to provide GMPs equal to those to which the Member and his spouse would have been treated as entitled under the transferring scheme had the transfer not been made. Those GMPs shall be revalued as described in Clause 9F (Transferred GMPs).