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The Railways Pension Scheme Order 1994

Requirements for “Buy–Out” Policies

7B  A Buy–out Policy must satisfy the Transfer Value Laws and the requirements of the Inland Revenue. In particular, the policy must provide that the annuities payable to or for the benefit of the Member and the Member’s spouse shall be at least equal to their GMP under the Section, including revaluation in accordance with the Contracting–out Laws.