The Railway Pensions (Substitution) (Amendment) Order 2017

Amendments to the Railway Pensions (Designation, Substitution and Miscellaneous Provisions) Order 2001

7.  In Schedule 1 (payments of capital and interest in respect of the sum of the capital values specified in article 4(2) and (4))—

(a) in paragraph 2(1), for “2010” substitute “2030”;

(b) in paragraph 2(3), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and (d)(ii) of the definition of “relevant amounts”, for “7(1)” substitute “7(A1) or (1)”;

(c) in paragraphs 3(1) and 11(1), for “2004” substitute “2030”; and

(d) in paragraph 3(1), for “7(1)” substitute “7(A1) or (1)”;

(e) in paragraph 3(7), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and (d)(ii) of the definition of “relevant amounts”, for “7(1)” substitute “7(A1) or (1)”;

(f) in paragraph 4(2), for “7(1)” substitute “7(A1) or (1)”; and

(g) in paragraph 7—

(i) before sub-paragraph (1) insert—

“(A1) Any interest which has accrued under paragraph 6 on 13th October in any year prior to and including 2030 on the outstanding balance of any Table B amount shall, on the day after it has accrued, be added to the outstanding balance of the amount specified in column 2 of Table B in relation to the year 10 years later than that year.”;

(ii) in sub-paragraph (1), after “any year” insert “after 2030”;

(iii) in sub-paragraph (2), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and d(ii) of the definition of “Y”, for “7(1)” substitute “7(A1) or (1)”; and

(iv) in sub-paragraph (5), for “sub-paragraph (1) requires” substitute “sub-paragraph (A1) or (1) requires interest or”.