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The Railways Pension Scheme Order 1994
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Additional Pension
8B A Member who is about to become a pensioner may, by notice in writing to the Trustee, elect to convert part or all of his lump sum into an additional pension for life payable from the date the lump sum becomes payable. Conversion shall be on the basis that £1 per annum of pension is equivalent to a lump sum of £12.
An election under this Rule shall not affect the pension payable after death to a Member’s spouse, dependants or children.
A Member cannot make an election under this Rule 8B (Additional Pension) if he has made an election under Rule 8C (Additional Lump Sum).
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