# The British Transport (Pensions of Employees) Order 1980, Article 6


(1) Where under Article 5 above there falls to be paid in relation to a member of a Corporation scheme a transfer value in respect of his transferable rights in that scheme, then the amount to be paid shall be ascertained by first determining the portion of the funds of that scheme properly attributable to the accrued pension rights of that member in that scheme and then by deducting therefrom—
(a) such sum as may be necessary to cover the cost actually incurred by the persons administering that scheme in making the apportionment and the payment, and also
(b) an amount equal to any income tax which may then become payable by virtue of Part II of the Finance Act 1970, and also
(c) in a case where a state scheme premium then becomes payable by virtue of Part III of the Social Security Pensions Act 1975, an amount equal to that premium or, in any other case, an amount equal to the portion of the funds of the Corporation scheme properly attributable to the non-transferable rights of that member.
(2) Any payment of a transfer value under any provision of this Order may take the form of a transfer of securities or other assets, valued as at the date of the transfer, and any question whether a transfer value shall be paid in cash or in the form of such a transfer as aforesaid shall be determined in each case when the transfer value falls to be paid.

---
Source: https://www.legislation.gov.uk/uksi/1980/1351/article/6 (the official version)
Page: https://openlegislation.uk/british-transport-pensions-of-employees-order-1980/article-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.