The Railway Pensions (Substitution and Miscellaneous Provisions) Order 1995

17.  In paragraph 11—

(a) for sub–paragraphs (1) and (2) there shall be substituted the following—

“(1) If, on any relevant date in relation to any year after 2003 in which 13th April is not less that three months and not more than fifteen months after the date of signature of the relevant actuarial valuation in relation to that year (“the relevant year”)—

(a) the duty to make payments under paragraph 2 or 3 has arisen in respect of any Table B amount (“the relevant Table B amount”), and

(b) the circumstances specified in sub–paragraph (3) arise,

the Secretary of State may, on or before 13 April in the relevant year, issue a notice to the persons administering the Paragraph 1 Section and the Paragraph 4 Section and from 13 April in the relevant year the duty to make payments under paragraph 2 or 3, as the case may be, in respect of that amount shall terminate, but no notice shall be issued which would result in the total of the relevant amounts exceeding A + B (as defined in sub– paragraph (3)).

(2) From 13 October in the relevant year the provisions of this Schedule shall apply to such part of the relevant Table B amount as remains unpaid and any interest added to that amount by any provision of this Schedule which has not been paid as if such part of the relevant Table B amount as remains unpaid had been added to the amount (if any) specified in Table B in relation to the year (“the later year”) 9 years later than the relevant year, and as if the total, or that amount, as the case may be, had been inserted in column 2 of Table B in relation to the later year, and, unless the contrary intention appears, any reference in this Schedule (including this paragraph) (however expressed) to a Table B amount, to an amount specified in column 2 of Table B in relation to any particular year, or to the outstanding balance of a Table B amount, shall be construed accordingly.”;

(b) in sub–paragraph (4)—

(i) for the definitions of “relevant actuarial valuation” and “relevant amount” there shall be substituted the following—

““relevant actuarial valuation”, in relation to any year, means the latest actuarial valuation to have been signed before 14 January of that year;

“relevant amounts” has the same meaning as in paragraph 3(7); and”;

(ii) after the definition of “relevant amounts” there shall be inserted the following—

““relevant date”, unless the context otherwise requires, means any date before 14th April in the relevant year but after 14th April in the previous year, being a date not less than three months after the date of signature of the relevant actuarial valuation in relation to the relevant year.”;

(c) in sub–paragraph (5)—

(i) for the words “From the date of a notice to terminate the duty to make payments in respect of any Table B amount,” there shall be substituted “Where the Secretary of State has issued a notice terminating the duty to make payments in respect of the relevant Table B amount, from 13th October in the relevant year”;

(ii) for the words “on or before the date of the notice to terminate the duty” there shall be substituted “on or before 13th October in the relevant year”.