# The Railway Pensions (Transfer and Miscellaneous Provisions) Order 1994, Paragraph 1


(1) This Schedule shall apply to such assets transferred by article 2 of this Order which are investment assets and any reference in the following provisions of this Schedule to assets shall be taken to be a reference to investment assets transferred by that article.
(2) In this Schedule—
“additional voluntary contributions” means any contributions paid under rule 11A of the transferor scheme;
“allocation amount”, in respect of any section, means the amount determined pursuant to paragraph 4(2) of this Schedule;
“investment assets” means any investment (within the meaning of the Financial Services Act 1986), money (including foreign currency) held by or on behalf of the trustee and any land or interest in land;
“member of the transferor scheme” means any person who, immediately before 1st October 1994, had pension rights under the transferor scheme and whose pension rights are transferred by article 2 of this Order;
“member”, in relation to a section, means a member of the transferor scheme who becomes a member of a section under Schedule 2 of this Order;
“relevant pension obligations” has the meaning given by section 53 of the Transport Act 1980;
“Open Section” means the section of the transferee scheme to be established by the Board which adopts the Rules of the Shared Cost Arrangement set out in that Scheme;
“sections” means the 1994 Pensioners “A” Section, the 1994 Pensioners “B” Section and the Open Section of the transferee scheme;
“transferee scheme” means the Railways Pension Scheme;
“transferor scheme” means the BR Pension Scheme;
the “unfunded proportion of any pension rights” means a proportion of any pension rights in respect of which relevant pension obligations which have not been funded are owed by the Board, being the proportion determined for the purposes of section 52(1)(a) of the Transport Act 1980 in respect of those relevant pension obligations;
and (unless the context otherwise requires) the terms “guaranteed minimum pension”, “pay”, “pensionable pay” and “scheme pay” shall have the meanings they bear in the transferor scheme.
(3) For the purposes of this Schedule, subject to the provisions of paragraph 13 of this Schedule, any determination of the value of any asset, liability in respect of pension rights, expenses or contributions shall be made as at the time immediately before 1st October 1994.
(4) For the purposes of this Schedule other than paragraph 3, any reference to the value of any asset shall be taken to be a reference to the market value of that asset.
(5) For the purposes of this Schedule, the value of liabilities in respect of pension rights and the value of contributions shall be determined in accordance with the provisions of Part III of this Schedule.
(6) Nothing in this Schedule shall prevent the trustee of the transferee scheme from dealing with any assets in the ordinary course of its functions under or in relation to the transferee scheme.

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Source: https://www.legislation.gov.uk/uksi/1994/2005/schedule/1/paragraph/1 (the official version)
Page: https://openlegislation.uk/railway-pensions-transfer-and-miscellaneous-provisions-order-1994/schedule-1/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.