{
  "url": "https://openlegislation.uk/railway-pensions-designation-substitution-and-miscellaneous-provisions-order-2001/schedule-1/paragraph-6",
  "json_url": "https://openlegislation.uk/railway-pensions-designation-substitution-and-miscellaneous-provisions-order-2001/schedule-1/paragraph-6.json",
  "legislation": "uksi/2001/2264",
  "legislation_title": "The Railway Pensions (Designation, Substitution and Miscellaneous Provisions) Order 2001",
  "legislation_url": "https://openlegislation.uk/railway-pensions-designation-substitution-and-miscellaneous-provisions-order-2001",
  "path": "schedule/1/paragraph/6",
  "kind": "paragraph",
  "number": "6",
  "heading": null,
  "text": "(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.\n(2) The rate shall be—\n((1+P100)×1.005×(ZW)-1)×100 per cent per annum.\n(3) In this paragraph—\n\"P\" equals\n((1+Q2400)2−1)×100;\n“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 per cent 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;\n“W” means the retail price index for the month of September in the year before the year in which the relevant period begins;\n“Z” means the retail prices index for the month of September in the year in which the relevant period begins;\nZ/W shall be calculated to three decimal places and, if Z/W is less than one, it shall be treated as one;\n“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; and\n“relevant period” means the period of 12 months during which interest accrues under sub-paragraph (1), beginning on 14th October in any year.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "word substituted",
      "affecting": "uksi/2017/153",
      "affecting_title": "The Railway Pensions (Substitution) (Amendment) Order 2017"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2017/153",
      "affecting_title": "The Railway Pensions (Substitution) (Amendment) Order 2017"
    },
    {
      "type": "word substituted",
      "affecting": "uksi/2017/153",
      "affecting_title": "The Railway Pensions (Substitution) (Amendment) Order 2017"
    },
    {
      "type": "word substituted",
      "affecting": "uksi/2017/153",
      "affecting_title": "The Railway Pensions (Substitution) (Amendment) Order 2017"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2017/153",
      "affecting_title": "The Railway Pensions (Substitution) (Amendment) Order 2017"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2017/153",
      "affecting_title": "The Railway Pensions (Substitution) (Amendment) Order 2017"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2017/153",
      "affecting_title": "The Railway Pensions (Substitution) (Amendment) Order 2017"
    },
    {
      "type": "inserted",
      "affecting": "uksi/2017/153",
      "affecting_title": "The Railway Pensions (Substitution) (Amendment) Order 2017"
    },
    {
      "type": "words inserted",
      "affecting": "uksi/2017/153",
      "affecting_title": "The Railway Pensions (Substitution) (Amendment) Order 2017"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2017/153",
      "affecting_title": "The Railway Pensions (Substitution) (Amendment) Order 2017"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2017/153",
      "affecting_title": "The Railway Pensions (Substitution) (Amendment) Order 2017"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2001/2264/schedule/1/paragraph/6",
    "retrieved_at": "2026-10-29T07:45:37.240146+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}