The Railways Pension Scheme Order 1994

Transfers

18F  The Trustee may transfer the relevant assets to some other scheme in accordance with Rule 10C (Requirements for Transfers) instead of providing benefits as described in Rule 18C (Buying Annuities) and 18D (Additional Voluntary Contributions) except that if the Section is the last Section being wound–up GMPs may not be transferred to another scheme without the approval of the Occupational Pensions Board under section 50(1) of the Pensions Act.

If the Trustee so decides the liabilities in respect of any Members and former employees of any Participating Employer shall be met by a transfer in accordance with Rule 10C (Requirements for Transfers) and the liabilities in respect of the remaining Members and former Employees shall be met as described in Rule 18C (Buying Annuities) and 18D (Additional Voluntary Contributions).

If the Section is the last Section being wound–up the Member’s right to a transfer or “buy–out” under the Rules shall be subject to any power which the Occupational Pensions Board has to extend the period which the Trustee has to do what the Member requires.