# The Railway Pensions (Substitution and Miscellaneous Provisions) Order 1995, Paragraph 5


(1) Where paragraph 2 requires the Secretary of State to make any payment in respect of a relevant Table A amount the Secretary of State shall also, on the same date, make a payment in respect of any interest which has accrued or is accruing in respect of that relevant Table A amount under paragraph 4, and the amount of any payment under this paragraph shall be determined in accordance with the following provisions of this paragraph.
(2) Any payment to be made under this paragraph shall be such amount as is determined by the Secretary of State after consultation with the actuaries and notified to the persons administering the Paragraph 2 Section and the Paragraph 5 Section.
(3) The Secretary of State shall make a determination on or before 14th March in each year of the payments to be made under this paragraph from 13th April in that year to 13th April in the following year, and shall, so far as reasonably practicable, determine the amounts so that each of the payments to be made is equal.
(4) Where, in respect of any relevant Table A amount, the final payment under paragraph 2 has been made but the sum of the payments made under this paragraph and the interest which has accrued under paragraph 4 are not equal then—
(a) if the sum of the said payments is less than the said interest the Secretary of State shall, as soon as is reasonably practicable, pay an amount equal to the shortfall; and
(b) if the sum of the said payments exceeds the said interest the excess shall be deducted from any other amount payable to the persons administering the Paragraph 2 Section and the Paragraph 5 Section.
TABLE A
Column 1
Column 2
YEAR
AMOUNT
£ million
1995
0.157
1996
0.125
1997
0.116
1998
0.108
1999
0.101
2000
0.100
2001
0.089
2002
0.083
2003
0.074
2004
0.069
2005
0.063
2006
0.059
2007
0.058
2008
0.057
2009
0.048
2010
0.047
2011
0.048
2012
0.038
2013
0.041
2014
0.036
2015
0.031
2016
0.029
2017
0.022
2018
0.021
2019
0.021
2020
0.016
2021
0.014
2022
0.013
2023
0.013
2024
0.012
2025
0.012
2026
0.011
2027
0.011
2028
0.010
2029
0.010
2030
0.009

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Source: https://www.legislation.gov.uk/uksi/1995/430/schedule/1/paragraph/5 (the official version)
Page: https://openlegislation.uk/railway-pensions-substitution-and-miscellaneous-provisions-order-1995/schedule-1/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.