The Railway Pensions (Transfer and Miscellaneous Provisions) Order 1994

Explanatory Note

(This note is not part of the Order)

This Order makes provision for the transfer of the pension rights of the members of the B.R. Pension Scheme to the Railways Pension Scheme, together with the related assets and liabilities (article 2 and Schedules 1 and 2).

A number of minor amendments to the Railway Pensions (Protection and Designation of Schemes) Order 1994 (S.I. 1994/1432) are made (article 3).

The trust deed of the B.R. (1974) Pension Fund is amended to allow for the amendment by the trustees of that Fund, with the consent of the British Railways Board, of schemes included in that Fund and to enable such schemes to be wound up; and a number of existing schemes are amended to provide an indemnity for the trustees (article 4 and Schedule 3).

The Railways Pension Scheme Order 1994 (S.I. 1994/1433) is amended (article 5 and Schedule 4):—

(i) to extend the provision for an indemnity for the trustee to liabilities arising under the BR Pension Scheme;

(ii) to amend the provision for calculating transfer values;

(iii) to enable the trustee to amend the Railways Pension Scheme with the consent of the Secretary of State before 1st October 1994;

(iv) to clarify who is eligible to be a member of the Scheme and sections of it; and

(v) to amend model Deeds of Establishment and Participation;

Sections of the Railways Pension Scheme are designated for the purpose of enabling or requiring the Secretary of State to make payments under the Transport Act 1980 (article 6 and Schedule 5).

The British Railways (No. 2) Act 1986 (1986 c.xxvi), the British Transport Reorganisation (Pensions of Employees) (No. 1) Order 1964 (S.I. 1964/1329) and the British Transport (Pensions of Employees) (No. 1) Order 1969 (S.I. 1969/1824) are amended in consequence (article 7 and Schedule 6).

Copies of the pension schemes referred to in Schedule 3 to the Order, the British Railways Superannuation Fund: New Section and the British Railways (Wages Grades) Pension Fund can be obtained from Railway Pensions Management Limited, Stooperdale Offices, Brinkburn Road, Darlington, DL3 6EH.

The Handbook and Tables referred to in paragraphs 10 and 14(m) and (p) of Schedule 1 to this Order may be inspected at or obtained from the Institute of Actuaries at Staple Inn Hall, High Holborn, London, WC1V 7QJ or Napier House, 4 Worcester Street, Oxford, OX1 2AW, or the Faculty of Actuaries at 40/44 Thistle Street, Edinburgh, EH2 1EN.

This Order does not impose any costs on business.