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Statutory Instrument 1994 No. 1433

The Railways Pension Scheme Order 1994

(The document as of February, 2008. Arhiv.Online Library)

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STATUTORY INSTRUMENTS

1994 No. 1433

TRANSPORT

The Railways Pension Scheme Order 1994

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Made27th May 1994
Coming into force31st May 1994


TABLE OF ARRANGEMENT

Article 1 Citation, commencement and interpretation
Article 2 Establishment of the Railways Pension Scheme
Article 3 Designation of the Joint Industry Scheme

The Schedule

 The Pension Trust containing provisions relating to the whole of the Scheme 
Clause 1 Meaning of Words Used
Clause 2 Trustee
2A Constitution
2B Delegation
2C Expenses and Charges
2D Limit of Liability
2E Trustee Insurance
2F Trustee Indemnity
2G Fiduciary Duty
Clause 3 The Scheme Sections
3A Participation of Participating Employers
3B Participating Employer establishing or participating in a Section
3C Arrangements
3D Defined Benefit Arrangement
3E Defined Contribution Arrangement
3F Participating Employer establishing more than one Section
3G Change of Terms
3H New Designated Employer
Clause 4 Pensions Committee
4A Setting up a Pensions Committee
4B Delegation
4C Expenses
Clause 5 Assets of the Scheme
5A Contributions by Employers
5B Payment of Employers' Contributions
5C Payment of Members' Contributions
5D Interest on Late Payment
5E Assets held on Trust
5F Application of Assets
5G Consultation with Pensions Committees
Clause 6 Accounts, Actuarial Valuations and Annual Reports
6A Accounts
6B Actuarial Valuations
6C Annual Reports
Clause 7 General Provisions about Scheme Benefits
7A Payment of Benefits
7B Deduction of Tax
7C Beneficiary who is Incapable
7D Benefits not Assignable
7E Forfeiture of Benefits
7F Notices
7G Inland Revenue Limits
7H Protected Persons
Clause 8 Scheme Benefits — Powers of Trustee
8A Commutation Triviality
8B Transfers-in
8C Transfers-out
8D "Buy-Outs"
Clause 9 Contracting-out
9A Overrides other Provisions
9B GMPs
9C Late Retirement
9D Early Leavers
9E Anti-franking
9F Transferred GMPs
9G Other Contracting-out Requirements
Clause 10 Ceasing to Participate
10A When Participation Ceases
10B One Participating Employer in a Section ceases to Participate
10C All Participating Employers in a Section cease to Participate
10D Participating Employer transfers between Sections
Clause 11 Winding up a Section where all Participating Employers cease to Participate
11A All Participating Employers in a Section cease to Participate
11B Expenses and Sums Due
11C Buying Annuities
11D Additional Voluntary Contributions
11E Transfers
11F Surplus Assets on Winding—up
11G GMPs
11H Trivial Benefits
11I Defined Contribution Arrangement
Clause 12 Change of Franchise Operator or Sale of Business
12A Participating in a Section
12B Change of Franchise Operator
Clause 13 Changing the Pension Trust and Rules
13A Changing the Pension Trust or Rules generally
13B Changing only the Rules of a Section
13C Restrictions on Changes
Clause 14 Governing Law

 Appendix 1 The 1994 Pensioners Sections
 
Part 1
Rules of the 1994 Pensioners "A" Section—
Rule 1 Meaning of Words Used
Rule 2 Membership of the Section
Rule 3 Contributions by Members
Rule 4 Benefits
Rule 5 Death after Retirement
5A Lump Sum and Pension
5B Lump Sum
5C Pensions for Eligible Spouse and Eligible Children
5D Pensions for Legal Spouse and Eligible Dependants
Rule 6 Early Leavers
6A Deferred Benefits
6B Increases
6C Benefits on the death of an Early Leaver
Rule 7 Right to Transfer or "Buy-Out"
7A Member's Right to Transfer or "Buy-Out"
7B Requirements for "Buy-Out" Policies
7C Requirements for Transfers
Rule 8 Other Choices for Early Leavers
8A Early Benefits
8B Additional Pension
8C Additional Lump Sum
8D Joint Annuitant's Pension
8E Early Retirement Level Pension Option
Rule 9 Special Provisions for Certain Members
9A Member who joined the BR Pension Scheme before 1st June 1989
9B Pension for Spouse of a Member who ceased to contribute to the BR Pension Scheme before 1st July 1986 and dies on or after 1st July 1988
9C Pension for widow of a Member who ceased to contribute to the BR Pension Scheme before 1st July 1986 and dies on or after 16th September 1991
9D Member who ceased to contribute to the BR Pension Scheme between 1st July 1986 and 30th June 1988 and dies after 16th September 1991
9E Special Lump Sum for Members who left the BR Pension Scheme with preserved benefits between 1st July 1988 and 30th June 1992
Rule 10 Pension Increases
10A General
10B Members who left Employment or reached Minimum Pension Age before 1st July 1986
10C BR Pension Scheme increases on 1st July 1988
10D BR Pension Scheme increases on 16th September 1991
Rule 11 General Rules about Benefits
11A Off-set for Crime or Fraud
11B Discretionary Death Benefit Trusts
11C Members with no Personal Representatives
Rule 12 Contracting-Out and State Graduated Retirement Benefits
12A Override
12B GMP Increase
12C State Graduated Retirement Benefits
Rule 13 Surplus Assets
Rule 14 Shortfall
Rule 15 Application of Assets
Rule 16 Winding—up the Section
16A Time of Termination
16B Use of Assets on Termination
Rule 17 Guarantee
Rule 18 Changing the Rules
 
The Schedule to Appendix 1 —
Pensions Committee
 
Part 2
Rules of the 1994 Pensioners "B" Section
Rule 1 Meaning of Words Used
Rule 2 Membership of the Section
Rule 17 Transfer to the 1994 Pensioners "A" Section

 Appendix 2 The Arrangements and Rules Governing the Arrangements
 
Part 1
Rules of the Shared Cost Arrangement
Rule 1 Meaning of Words Used
Rule 2 Joining the Section
2A Joining
2B Evidence of Health
Rule 3 Normal Contributions by Participating Employers and Members
3A Normal Contributions by Participating Employers
3B Normal Contributions by Members
Rule 4 Additional Contributions by Members and Participating Employers
4A Additional Voluntary Contributions by Members
4B Additional Contributions by Participating Employers
4C Additional Contributions by Protected Persons who transferred from certain railway pension schemes to the New Section
4D Additional Contributions by Members who are Protected Persons for Antedating Membership
4E Additional Contributions from Professionals and Senior Officers
4F Additional Contributions for Senior Officers who were members of BRASS-SO
Rule 5 Benefits for Members at Retirement
5A Retirement between Minimum Pension Age and Age 65
5B Lump sum on Retirement between Minimum Pension Age and Age 65
5C Members in Service after Age 65
5D Early Retirement through Incapacity
Rule 6 Elections at Retirement
6A Additional Pension
6B Additional Lump Sum
6C Joint Annuitant's Pension
6D Early Retirement Level Pension Option
Rule 7 Death in Service on or before Age 65
7A Lump Sum and Pension
7B Lump Sum
7C Pensions for Eligible Spouse and Eligible Children
7D Pensions for Legal Spouse and Eligible Dependants
Rule 8 Death after Retirement
8A Lump Sum and Pension
8B Lump Sum
8C Pensions for Eligible Spouse and Eligible Children
8D Pensions for Legal Spouse and Eligible Dependants
Rule 9 Early Leavers
9A Deferred Benefits
9B GMP
9C Benefits on the death of an Early Leaver
Rule 10 Right to Transfer or "Buy-Out"
10A Member's Right to Transfer or "Buy-Out"
10B Requirements for "Buy-Out" Policies
10C Requirements for Transfers
Rule 11 Other Choices for Early Leavers
11A Early Benefits
11B Choices at Retirement
Rule 12 Early Leavers Rejoining
Rule 13 Members away from work
13A General Principle
13B Temporary Absence through Injury or Ill-Health
13C Secondment
13D Benefits for Members away from Work
Rule 14 Maternity
Rule 15 Ceasing to be Eligible
Rule 16 Opting Out
Rule 17 Special Provisions for Certain Members
17A Members who joined the BR Pension Scheme before 1st June 1989
17B Members who were members of the BR Pension Scheme on 16th September 1991
17C BR Members who transferred from certain railway pension schemes to the New Section
17D BR Members who joined the British Railways (Wages Grades) Pension Fund on 14th August 1967, 7th April 1975 or 6th April 1978
Rule 18 General Rules about Benefits
18A Pension Increases
18B Off-set for Crime or Fraud
18C Discretionary Death Benefit Trusts
18D Members with no Personal Representatives
18E Discretionary Benefits
Rule 19 Contracting-out and State Graduated Retirement Benefits
19A Override
19B GMP Increase
19C State Graduated Retirement Benefits
Rule 20 Surplus Assets
Rule 21 Shortfall
Rule 22 Winding—up the Section
22A Time and Manner of winding—up
22B Priority of Benefits
22C Surplus Assets on winding—up
Rule 23 Changing the Rules
 
The Schedules to Part 1—
 
Schedule 1
BR Members who transferred from certain Railways Pension Schemes to the New Section
 
Schedule 2
BR Members who joined the British Railways (Wages Grades) Pension Fund ("the Wages Fund") on 14th August 1967, 7th April 1975 or 6th April 1978
 
Schedule 3
BRASS 2 Policy
 
Schedule 4
BRASS-SO
 
Schedule 5
Joint Annuity Factors
 
Schedule 6
Members who were Members of the British Railways (Wages Grades) Pension Fund and elected for a joint pension
 
Schedule 7
Early Retirement Level Pension Option Factors
 
Schedule 8
Early Retirement Factors
 
Schedule 9
Additional Contributions for Antedating Membership
 
Schedule 10
Special Terms for certain Members of the British Railways (Wages Grades) Pension Fund ("Wages Grades Members")
 
Schedule 11
Meaning of Preserved Benefits
 
Part 2
Rules of the Defined Benefit Arrangement
Rule 1 Meaning of Words Used
Rule 2 Joining the Section
2A Joining
2B Evidence of Health
Rule 3 Contributions by Participating Employers and Members
3A Contributions by Participating Employers
3B Contributions by Members
Rule 4 Additional Voluntary Contributions by Members
Rule 5 Benefits for Members at Retirement
5A Minimum Pension Age
5B Late Retirement
5C Early Retirement (not Incapacity)
5D Early Retirement through Incapacity
Rule 6 Elections at Retirement
6A Lump Sum
6B Dependant's Pension
6C Early Retirement Level Pension Option
Rule 7 Lump Sum Payable on Member's Death
7A Member dies in Service before Pension starts
7B Member dies within 5 years after Pension starts
7C Member with Preserved Pension
7D Discretionary Trusts
Rule 8 Pensions for Spouses, Children and Dependants
8A Spouse's and Children's Pension
8B Other Dependant's Pension
8C Member dies in Service before Pension starts
8D Member dies after Pension starts
8E Member with Preserved Pension
8F Young Spouse
Rule 9 Early Leavers
9A Preserved Pension
9B Refund of Contributions and Preserved GMPs
9C Qualifying Service
Rule 10 Right to Transfer or "Buy-Out"
10A Member's Right to Transfer or "Buy-Out"
10B Requirements for "Buy-Out" Policies
10C Requirements for Transfers
Rule 11 Other Choices for Early Leavers
11A Early Pension
11B Late Pension
11C Choices at Retirement
Rule 12 Early Leavers Rejoining
12A Periods of Service treated separately
12B Qualifying Service
Rule 13 Members away from Work
13A General Principle
13B Temporary Absence through Injury or Ill-Health
13C Secondment
13D Benefits for Members away from Work
Rule 14 Maternity
Rule 15 Part-time Employment
Rule 16 Ceasing to be Eligible
Rule 17 Opting Out
Rule 18 General Rules about Benefits
18A Pension Increases
18B Off-set for Crime, Fraud or Negligence
18C Discretionary Benefits
18D Serious Ill-Health
Rule 19 Contracting-out Override
Rule 20 Surplus Assets
Rule 21 Winding-up the Section
21A Time and Manner of winding-up
21B Surplus Assets
Rule 22 Changing the Rules
 
Part 3
Rules of the Defined Contribution Arrangement
Rule 1 Meaning of Words Used
Rule 2 Joining the Section
2A Joining
2B Evidence of Health
Rule 3 Contributions by Participating Employers and Members
3A Contributions by Participating Employers
3B Contributions by Members
Rule 4 Additional Voluntary Contributions by Members
Rule 5 Member's Accumulated Fund
Rule 6 Retirement Benefits
6A Benefit Date
6B Using the Member's Accumulated Fund
6C Maximum Lump Sum
Rule 7 Death Benefits
7A Using the Member's Accumulated Fund
7B Discretionary Trusts
Rule 8 Additional Benefits
Rule 9 Early Leavers
9A Preserved Benefits
9B Refund of Contributions and Preserved GMPs
9C Preservation Requirements
9D Breaks in Qualifying Service
Rule 10 Right to Transfer or "Buy-Out"
10A Member's Right to Transfer or "Buy-Out"
10B Requirements for "Buy-Out" Policies
10C Requirements for Transfers
Rule 11 Members away from Work
Rule 12 Maternity
Rule 13 Ceasing to be Eligible
Rule 14 Opting Out
Rule 15 General Rules about Benefits
15A Purchase of Pensions
15B Pension Increases
15C Duration of Member's Pension
15D Duration of Survivor's Pension
15E Off-set for Crime, Fraud or Negligence
15F Discretionary Benefits
15G Serious Ill-Health
15H Trustee's Discretion to accept Transfers-in
15I Trustee's Discretion to Transfer-out
15J Trustee's Discretion to "Buy-Out"
Rule 16 Contracting-out Override
Rule 17 Surplus Assets
Rule 18 Winding-up the Section where all Participating Employers cease to Participate
18A All Participating Employers in a Section Cease to Participate
18B Expenses and Sums Due
18C Buying Annuities
18D Additional Voluntary Contributions
18E Surplus
18F Transfers
18G GMPs
18H Trivial Benefits
Rule 19 Changing the Rules

 Appendix 3 Deed of Establishment and Participation
 
Part 1
For use in circumstances other than where the British Railways Board wishes to establish a Section adopting the Rules of the Shared Cost Arrangement
 
Part 2
For use in circumstances where the British Railways Board wishes to establish a Section adopting the Rules of the Shared Cost Arrangement

 Appendix 4 Pensions Committee

 Appendix 5 Model scheme of delegation

 Appendix 6 Inland Revenue Limits

 Appendix 7 Amendment Restrictions — Shared Cost Sections

 Appendix 8 Provisions Entrenched by Clause 13 — Shared Cost Sections

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