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The Railways Pension Scheme Order 1994

S.I. 1994/1433 · Made 27 May 1994

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TRANSPORT

Made 27th May 1994

Coming into force 31st May 1994

Whereas a draft of this Order was laid before Parliament and approved by resolution of each House of Parliament;

Now, therefore, the Secretary of State, in exercise of the power conferred on him by section 143(3) and (4) of, and paragraphs 1(1) and 2 of Schedule 11 to, the Railways Act 1993f1 hereby makes the following Order:

Annotations to the whole text

Footnotes

f1

1993 c. 43.

Contents

  1. 1Citation, commencement and interpretation
  2. 2Establishment of the Railways Pension Scheme
  3. 3Designation of the joint industry scheme
  4. Signature
  5. Schedule THEPENSION TRUST OF THE RAILWAYS PENSION SCHEME
  6. 1MEANING OF WORDS USED
  7. 2TRUSTEE Repealed
  8. 2AConstitution
  9. 2BDelegation
  10. 2CExpenses and Charges
  11. 2DLimit of Liability
  12. 2ETrustee Insurance
  13. 2FTrustee Indemnity
  14. 2GFiduciary Duty
  15. 3THE SCHEME SECTIONS Repealed
  16. 3AParticipation of Participating Employers
  17. 3BParticipating Employer establishing or participating in a Section
  18. 3CArrangements
  19. 3DDefined Benefit Arrangement
  20. 3EDefined Contribution Arrangement
  21. 3FParticipating Employer establishing more than one Section
  22. 3GChange of Terms
  23. 3HNew Designated Employer
  24. 4PENSIONS COMMITTEE Repealed
  25. 4ASetting up a Pensions Committee
  26. 4BDelegation
  27. 4CExpenses
  28. 5ASSETS OF THE SCHEME Repealed
  29. 5AContributions by Participating Employers
  30. 5BPayment of Participating Employers' Contributions
  31. 5CPayment of Members' Contributions
  32. 5DInterest on Late Payment
  33. 5EAssets held on Trust
  34. 5FApplication of Assets
  35. 5GConsultation with Pensions Committees
  36. 6ACCOUNTS, ACTUARIAL VALUATIONS AND ANNUAL REPORTS Repealed
  37. 6AAccounts
  38. 6BActuarial Valuations
  39. 6CAnnual Reports
  40. 7GENERAL PROVISIONS ABOUT SCHEME BENEFITS Repealed
  41. 7APayment of Benefits
  42. 7BDeduction of Tax
  43. 7CBeneficiary who is Incapable
  44. 7DBenefits not Assignable
  45. 7EForfeiture of Benefits
  46. 7FNotices
  47. 7GInland Revenue Limits
  48. 7HProtected Persons
  49. 8SCHEME BENEFITS — POWERS OF TRUSTEE Repealed
  50. 8ACommutation Triviality
  51. 8BTransfers–in
  52. 8CTransfers–out
  53. 1Transfers to another scheme or other arrangement or to a Section which has adopted the rules of the Defined Contribution Arrangement
  54. 2Transfers between Sections which have adopted the rules of the Shared Cost Arrangement or of the Defined Benefit Arrangement
  55. 3Initial transfers to Sections as a consequence of Transfer Schemes
  56. 4Pensioners and Deferred Pensioners
  57. 5Definition of Past Service Reserve
  58. 6Notification by Actuary
  59. 7General Provisions on Transfers
  60. 8DBuy–Outs
  61. 9CONTRACTING–OUT Repealed
  62. 9AOverrides other Provisions
  63. 9BGMPs
  64. 9CLate Retirement
  65. 9DEarly Leavers
  66. 9EAnti–Franking
  67. 9FTransferred GMPs
  68. 9GOther Contracting–out Requirements
  69. 10CEASING TO PARTICIPATE Repealed
  70. 10AWhen Participation Ceases
  71. 10BOne Participating Employer in a Section ceases to Participate
  72. 10CAll Participating Employers in a Section cease to Participate
  73. 10DParticipating Employer transfers between Sections
  74. 11WINDING–UP A SECTION WHERE ALL EMPLOYERS CEASE TO PARTICIPATE Repealed
  75. 11AAll Participating Employers in a Section cease to Participate
  76. 11BExpenses and Sums Due
  77. 11CBuying Annuities
  78. 11DAdditional Voluntary Contributions
  79. 11ETransfers
  80. 11FSurplus Assets on Winding–up
  81. 11GGMPs
  82. 11HTrivial Benefits
  83. 11IDefined Contribution Arrangement
  84. 12CHANGE OF FRANCHISE OPERATOR OR SALE OF BUSINESS Repealed
  85. 12AParticipating in a Section
  86. 12BChange of Franchise Operator
  87. 13CHANGING THE PENSION TRUST AND RULES Repealed
  88. 13AChanging the Pension Trust or Rules generally
  89. 13BChanging only the Rules of a Section
  90. 13CRestrictions on Changes
  91. 14GOVERNING LAW
  92. 1Appendix 1
  93. 2THE ARRANGEMENTS AND RULES GOVERNING THE ARRANGEMENTS
  94. 3DEED OF ESTABLISHMENT AND PARTICIPATION
  95. 4PENSIONS COMMITTEE
  96. 5MODEL SCHEME OF DELEGATION
  97. 6INLAND REVENUE LIMITS
  98. 7AMENDMENT RESTRICTIONS — SHARED COST SECTIONS
  99. 8PROVISIONS ENTRENCHED BY CLAUSE 13 — SHARED COST SECTIONS
  100. Explanatory note