The Railways Pension Scheme Order 1994

Transferred GMPs

9F  Where a GMP has been transferred from another occupational pension scheme or a Buy–out Policy, the Scheme shall increase this GMP for each complete tax year after the date on which the Member left Contracted–out employment under the scheme in which the transferred GMP accrued up to State Pension Age (or earlier death).

If the transfer is from another scheme, the GMP shall be increased by the appropriate percentage specified in the last order made under section 148 of the Social Security Administration Act 1992 to come into force before the tax year in which the Member reaches State Pension Age or dies, if earlier, except that, where the Contracting–out Laws allow, the Trustee may for all or any of the tax years in question increase all or part of the transferred GMP by the method by which the GMP was being increased in the transferring scheme.

If the transfer is from a Buy–out Policy, the GMP shall be increased by the same method as was in use under the policy or such other method as is allowed under the Contracting–out Laws.