# The Railway Pensions (Substitution) Order 1994, Paragraph 6


(1) Where paragraph 3 requires the Secretary of State to make any payment the Secretary of State shall also, on the same date, make a payment in respect of any interest which has accrued on and has been added to, or which is to accrue on, the outstanding balance of the Table A amount in respect of which paragraph 3 requires the Secretary of State to make payments, and the amount of any payment under this sub-paragraph shall be determined in accordance with the following provisions of this paragraph.
(2) The amount of any payment to be made under sub-paragraph (1) shall be such amount as is determined by the Secretary of State after consultation with the actuaries and notified to the persons administering the section.
(3) The Secretary of State shall make a determination on or before 14 March in each year in relation to the payments to be made under sub-paragraph (1) from 13 April in that year to 13 April in the following year, and shall, so far as reasonably practicable, determine the amounts so that the payments to be made each month during the period of 12 months from that 13 April are equal.
(4) If, from 13 April in the year in which the determination referred to in sub-paragraph (3) is made to 13 April in the following year, the payments made under sub-paragraph (1) are less than the interest which has accrued under paragraph 4 on the outstanding balance of the Table A amount in respect of which the payments have been made the Secretary of State shall, as soon as reasonably practicable, pay an amount equal to the shortfall; and where the payments made under sub-paragraph (1) exceed the interest which has accrued under paragraph 4 on such outstanding balance, the excess shall be deducted from any other amount payable to the persons administering the section under this Order.
Table A
(1)
(2)
Year
Amount
£ million
1995
18.708
1996
17.232
1997
15.826
1998
14.501
1999
13.250
2000
12.070
2001
10.971
2002
9.937
2003
8.978
2004
8.084
2005
7.260
2006
6.492
2007
5.779
2008
5.121
2009
4.524
2010
3.972
2011
3.469
2012
3.023
2013
2.611
2014
2.249
2015
1.928
2016
1.642
2017
1.396
2018
1.175
2019
0.984
2020
0.823
2021
0.422
2022
0.402
2023
0.387
2024
0.372
2025
0.356
2026
0.341
2027
0.326
2028
0.316
2029
0.301
2030
0.291

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Source: https://www.legislation.gov.uk/uksi/1994/2388/schedule/1/paragraph/6 (the official version)
Page: https://openlegislation.uk/railway-pensions-substitution-order-1994/schedule-1/paragraph-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.