The Railways Pension Scheme Order 1994

Actuarial Valuations

6B  The Trustee shall appoint an actuary to the Scheme who must be a Fellow of the Institute or Faculty of Actuaries or a firm of, or a company employing, those Fellows or a person who holds a qualification obtained outside the United Kingdom which is recognised by the Institute or Faculty of Actuaries as being adequate for the performance of the role of actuary to the Scheme. In relation to the 1994 Pensioners “A” and “B” Sections and any other Section for which the Deed of Establishment and Participation so provides, the Actuary shall act jointly with the Government Actuary. In the context of those Sections references to “the Actuary” are to the Actuary and the Government Actuary and advice given by the Government Actuary in relation to those Sections is without prejudice to his powers and duties to give advice as a government adviser and vice versa.

The Trustee shall obtain actuarial valuations of the Scheme from the Actuary at intervals of not more than 3 years from the date as at which the last valuation was prepared.

The actuarial valuation for the Scheme shall be drawn in such a way as to enable each Section to be considered separately. Before preparing the valuation the Actuary shall consult with the Trustee, the Designated Employers and the Pensions Committees including consulting on the basis, methodology and assumptions for the valuation.

The Trustee shall supply a copy of each valuation to each Designated Employer and to the Chairman of each Pensions Committee, but the copy shall not include those parts of the valuation which deal only with the other Sections. The Trustee shall provide a Designated Employer or a Pensions Committee with a full copy of the valuation of the Scheme if requested to do so by either of them.

A Designated Employer may at any time obtain a further actuarial valuation from the Actuary or from another actuary in respect of its Section (except that only a valuation obtained from the Actuary shall count for the purposes of the 3–yearly valuation under the second paragraph of this Clause 6B). The expenses for any further valuations shall be met by the Participating Employers in that Section. The Pensions Committee may at any time obtain a further actuarial valuation in respect of its Section from the Actuary or from another actuary if it considers it necessary and appropriate, the expenses for which shall be payable out of the Section Assets.