Paragraph 5

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch.2, para.1(1) (defn. of tne 1995 Order) added by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,7(a)
Sch.2, para.1(1) (defn. of Table B amount) amended by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,7(b)
Sch.2, para.2(3) (defn. of relevant amounts) substituted by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,8
Sch.2, para.3(1) amended by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,9(a)
Sch.2, para.3(2) (defn. of A) amended by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6.9(b)
Sch.2, para.3(7) (defn. of relevant amounts) substituted by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,9(c)
Sch.2, para.4(1) amended by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,10(a)
Sch.2, para.4(2) amended by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,10(b)
Sch.2, para.4(4)(5) substituted by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,10(c)
Sch.2, para.5(3) amended by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,11
Sch.2, para.6(2) rev. in pt. by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,12(a)
Sch.2, para.6(4) (defn. of relevant date) substituted by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,12(b)
Sch.2, para.7(1) amended by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,13(a)
Sch.2, para.7(2) (defn. of X) amended by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,13(b) (i)
Sch.2, para.7(2) (defn. of Y) substituted by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,13(b) (ii)
Sch.2, para.7(2A) added by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,13(c)
Sch.2, para.7(3) substituted by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,13(d)
Sch.2, para.8(5) amended by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,14(a)
Sch.2, para.8(6) amended by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,14(b) (i)
Sch.2, para.8(6)(b) rev. in pt. by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,14(b) (ii)
Sch.2, para.8(7) amended by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,14(c)
Sch.2, para.8(8) (defn. of relevant date) substituted by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,14(d) (i)
Sch.2, para.8(8) (defn. of A) amended by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,14(d) (ii)
Sch.2, para.8(8) (defn. of CO and CO t-l) added by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,14(d) (iii)
Sch.2, para.8(8) (defn. of L) revoked by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,14(d) (iv)
Sch.2, para.8(8) (defn. of CO t-l) revoked by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,14(d) (v)
Sch.2, para.8(9) amended by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,14(e)
Sch.2, para.9(1) amended by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,15
Sch.2, para.10 substituted by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,16
Sch.2, para.11(1)(2) substituted by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras,6,17(a)
Sch.2, para.11(4) (defns. of relevant actuarial valuation and relevant amount) substituted by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,17(b) (i)
Sch.2, para.11(4) (defn. of relevant date) added by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,17(b) (ii)
Sch.2, para.11(5) amended by Railway Pensions (Substitution and Miscellaneous Provisions) 1995 art.8, Sch.3, Pt.III, paras.6,17(c)
Sch 2, para 1 defn(s) added by Railway Pensions (Designation, Substitution and Miscellaneous Provisions) 2001 art 7, Sch 2, paras 2, 3
Sch 2, para 2 defn(s) subst by Railway Pensions (Designation, Substitution and Miscellaneous Provisions) 2001 art 7, Sch 2, paras 2, 4
Sch 2, para 3 defn(s) subst by Railway Pensions (Designation, Substitution and Miscellaneous Provisions) 2001 art 7, Sch 2, paras 2, 5
Sch 2, para 4 am by Railway Pensions (Designation, Substitution and Miscellaneous Provisions) 2001 art 7, Sch 2, paras 2, 6
Sch 2, para 7 defn(s) subst by Railway Pensions (Designation, Substitution and Miscellaneous Provisions) 2001 art 7, Sch 2, paras 2, 7(a)
Sch 2, para 7 am by Railway Pensions (Designation, Substitution and Miscellaneous Provisions) 2001 art 7, Sch 2, paras 2, 7(b)
Sch. 2 para. 2(1) word substituted by Railway Pensions (Substitution) 2017 art. 3(a)
Sch. 2 para. 3(1) word substituted by Railway Pensions (Substitution) 2017 art. 3(a)
Sch. 2 para. 11(1) word substituted by Railway Pensions (Substitution) 2017 art. 3(a)
Sch. 2 para. 2(3) words substituted by Railway Pensions (Substitution) 2017 art. 3(b)
Sch. 2 para. 3(1) words substituted by Railway Pensions (Substitution) 2017 art. 3(c)
Sch. 2 para. 3(7) words substituted by Railway Pensions (Substitution) 2017 art. 3(d)
Sch. 2 para. 4(2) words substituted by Railway Pensions (Substitution) 2017 art. 3(e)
Sch. 2 para. 7(A1) inserted by Railway Pensions (Substitution) 2017 art. 3(f)(i)
Sch. 2 para. 7(1) words inserted by Railway Pensions (Substitution) 2017 art. 3(f)(ii)
Sch. 2 para. 7(2) words substituted by Railway Pensions (Substitution) 2017 art. 3(f)(iii)
Sch. 2 para. 7(4) words substituted by Railway Pensions (Substitution) 2017 art. 3(f)(iv)

(1)

From 13 October 1994 to 31 December 1994 interest shall accrue on the outstanding balance of the amount specified first in column 2 of Table B, on 1 January 1995, at the rate of 4¼ per cent per annum, and such interest shall be added to the outstanding balance of that Table B amount.

(2)

Subject to the provisions of paragraph 8, during each relevant period from 13 October 1994 to 13 October in the year 10 years earlier than the year specified in column 1 in relation to any Table B amount (“the relevant Table B amount”) (except the amount referred to in sub-paragraph (1)) interest shall accrue on 13 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 (4) in relation to the relevant period.

(3)

Interest which has accrued under sub-paragraph (2) shall be added to the outstanding balance of the relevant Table B amount.

(4)

The rate in relation to any period shall be—

(1.0425 \times (\frac{Z}{W}) - 1) \times 100

per cent per annum, where

“W” means the retail prices index for the month of September in the year before the 14 October on which the relevant period begins;
“Z” means the retail prices index for the month of September immediately before the 14 October on which the relevant period begins;

and for the purpose of this paragraph

\frac{Z}{W}

shall be calculated to three decimal places and, if

\frac{Z}{W}

is less than one, it shall be treated as one.

(5)

In this paragraph “relevant period” means the period of 12 months during which interest accrues under sub-paragraph (2) beginning on 14 October in any year.