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The Railway Pensions (Substitution and Miscellaneous Provisions) Order 1995

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  • Y Diweddaraf sydd Ar Gael (Diwygiedig)
  • Gwreiddiol (a wnaed Fel)

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5.—(1) Where paragraph 2 requires the Secretary of State to make any payment in respect of a relevant Table A amount the Secretary of State shall also, on the same date, make a payment in respect of any interest which has accrued or is accruing in respect of that relevant Table A amount under paragraph 4, and the amount of any payment under this paragraph shall be determined in accordance with the following provisions of this paragraph.

(2) Any payment to be made under this paragraph shall be such amount as is determined by the Secretary of State after consultation with the actuaries and notified to the persons administering the Paragraph 2 Section and the Paragraph 5 Section.

(3) The Secretary of State shall make a determination on or before 14th March in each year of the payments to be made under this paragraph from 13th April in that year to 13th April in the following year, and shall, so far as reasonably practicable, determine the amounts so that each of the payments to be made is equal.

(4) Where, in respect of any relevant Table A amount, the final payment under paragraph 2 has been made but the sum of the payments made under this paragraph and the interest which has accrued under paragraph 4 are not equal then—

(a)if the sum of the said payments is less than the said interest the Secretary of State shall, as soon as is reasonably practicable, pay an amount equal to the shortfall; and

(b)if the sum of the said payments exceeds the said interest the excess shall be deducted from any other amount payable to the persons administering the Paragraph 2 Section and the Paragraph 5 Section.

TABLE A

Column 1Column 2
YEARAMOUNT
£ million
19950.157
19960.125
19970.116
19980.108
19990.101
20000.100
20010.089
20020.083
20030.074
20040.069
20050.063
20060.059
20070.058
20080.057
20090.048
20100.047
20110.048
20120.038
20130.041
20140.036
20150.031
20160.029
20170.022
20180.021
20190.021
20200.016
20210.014
20220.013
20230.013
20240.012
20250.012
20260.011
20270.011
20280.010
20290.010
20300.009

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