The Railway Pensions (Substitution and Miscellaneous Provisions) Order 1995

6.—(1) Subject to the provisions of paragraph 8, during each relevant period from the relevant date in relation to any Table B amount (“the relevant Table B amount”) interest shall accrue, on 13th October in each year, on the outstanding balance for the time being of the relevant Table B amount at the rate determined in accordance with sub–paragraph (2) in relation to the relevant Table B amount and in relation to the relevant period.

(2) The rate shall be—

per cent per annum.

(3) In this paragraph—

“P” equals

• “Q”, in relation to any Table B amount, equals the total of the real gross redemption yields on the FT actuaries index–linked gilt edged investment index for stocks over 5–years maturity (5% inflation) as at the close of business on the 14th day of each month (or, where that day is not a business day, the next following business day) in the period of 12 months starting 18 months before the relevant date in relation to that Table B amount;

• “W” means the retail prices index for the month of September in the year before the year in which the relevant period begins;

• “Z” means the retail prices index for the month of September in the year in which the relevant period begins; and

, shall be calculated to three decimal places and, if

is less than one, it shall be treated as W one.

• “relevant date”, in relation to the relevant Table B amount, means 13th October in the year 10 years earlier than the year specified in column 1 of Table B in relation to that amount;

• “relevant period” means the period of 12 months during which interest accrues under sub– paragraph (1), beginning on 14th October in any year.