# The Railway Pensions (Transfer and Miscellaneous Provisions) Order 1994, Paragraph 4


(1) The value of the assets allocated to a section shall be such proportion of the total value of the assets other than assets allocated under paragraph 3 of this Schedule, less the net cost to the trustee of the transferee scheme of carrying out the apportionment of the assets, which the allocation amount for that section bears to the total of all the allocation amounts.
(2) The allocation amount for a section shall be determined by carrying out the calculations required by sub-paragraph (3) or (4) of this paragraph, as the case may require, in relation to the amounts applied to that section under paragraphs 5, 6 and 7 of this Schedule.
(3) For the 1994 Pensioners “A” Section or 1994 Pensioners “B” Section, there shall be added together the amounts resulting from the following calculations:—
(a) 48% × A × 3.5% ÷ (0.7 × GDY + 0.06 × NDY + 0.12 × EDY + 0.12 × PDY)
(b) 5% × A × 4.1% ÷ GDY
(c) 17% × A × X ÷ Y
(d) 30% × A × Z ÷ W.
(4) For the Open Section, there shall be added together the amounts resulting from the following calculations:—
(a) 80% × A × 3.5% ÷ (0.7 × GDY + 0.06 × NDY + 0.12 × EDY + 0.12 × PDY)
(b) 8% × A × 4.1% ÷ GDY
(c) 6% × A × X ÷ Y
(d) 6% × A × Z ÷ W.
(5) For the purposes of this paragraph—
A
= the total of the amounts applied to the relevant section under paragraphs 5, 6 and 7 of this Schedule;
EDY
= gross dividend yield at the close of business on 30th September 1994 shown in the FT-Actuaries World Index for Europe (ex-UK);
GDY
= gross dividend yield at the close of business on 30th September 1994 shown in the FT-Actuaries All-Share Index;
NDY
= gross dividend yield at the close of business on 30th September 1994 shown in the FT-Actuaries World Index for North America;
PDY
gross dividend yield at the close of business on 30th September 1994 shown in the FT-Actuaries World Index for the Pacific Basin;
X
= the price of £100 nominal of a notional British Government index-linked stock bearing an index-linked coupon of 2 ½% a year for 15 years, with an index-linked yield equal to the true annual yield on the British Government index-linked stock 2 ½% Treasury 2009 determined from the yield for that stock at close of business on 30th September 1994 published in the Financial Times, at the 5% inflation assumption;
Y
= 85.04;
Z
= the price of £100 nominal of a notional British Government Stock bearing a fixed coupon of 10% a year for a period of 5 years, with a yield equal to the yield at close of business on 30th September 1994 shown on the FT-Actuaries Fixed Interest Index for medium coupon stocks of 5 years' duration;
W
= 105.91.
(6) In the event that any index or other publication referred to in this paragraph is not published showing a yield referred to in the relevant provision before 31st October 1994, the relevant provision shall be taken to refer to such amount in respect of yield as the actuary considers appropriate in all the circumstances of the case.

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Source: https://www.legislation.gov.uk/uksi/1994/2005/schedule/1/paragraph/4 (the official version)
Page: https://openlegislation.uk/railway-pensions-transfer-and-miscellaneous-provisions-order-1994/schedule-1/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.