{
  "url": "https://openlegislation.uk/railways-pension-scheme-order-1994/schedule/paragraph-1n1",
  "json_url": "https://openlegislation.uk/railways-pension-scheme-order-1994/schedule/paragraph-1n1.json",
  "legislation": "uksi/1994/1433",
  "legislation_title": "The Railways Pension Scheme Order 1994",
  "legislation_url": "https://openlegislation.uk/railways-pension-scheme-order-1994",
  "path": "schedule/paragraph/1n1",
  "kind": "paragraph",
  "number": "1",
  "heading": "MEANING OF WORDS USED",
  "text": "This Clause sets out the meaning of words used in the Pension Trust except where otherwise indicated.\n“Accrual Rate”\nmeans the accrual rate chosen by the Designated Employer under Clause 3D (Defined Benefit Arrangement).\n“Actuary”\nmeans the actuary appointed under Clause 6B (Actuarial Valuations) and “actuarial advice” means advice given by the Actuary.\n“Arrangements”\nmeans the benefit arrangements referred to in Clause 3C (Arrangements).\n“Additional Voluntary Contributions”\nmeans contributions over and above a Member’s normal contributions under the Scheme (if any) which the Member elects to pay to secure additional benefits.\n“BRASS–SO”\nmeans the British Railways Additional Superannuation Scheme for Senior Officers.\n“Buy–out Policy”\nmeans a policy of insurance or annuity contract which is appropriate for the purposes of section 19 of the Pensions Act.\n“Children’s Pension Fraction”\nmeans the children’s pension fraction of the spouses' pension chosen by the Designated Employer under Clause 3D (Defined Benefit Arrangement).\n“Clause”\nmeans a clause of this Pension Trust.\n“Contracting–out Laws”\nmeans the contracting–out laws of the Pensions Act (including anti–franking), and similar expressions have a corresponding meaning.\n“Deed of Establishment and Participation”\nmeans the deed referred to in Clause 3B (Participating Employer establishing or participating in a section).\n“Designated Employer”\nmeans the Participating Employer named in the Deed of Establishment and Participation as the Designated Employer for a Section, or in the case of the Pensioners “A” and “B” Sections it means the Secretary of State.\n“Employee”\nhas the same meaning as in the Rules.\n“Final Average Pay”\nhas the same meaning as in the Rules.\n“Franchise Director”\nhas the same meaning as in section 1 of the Railways Act.\n“Franchise Operator”\nhas the same meaning as in section 23(3) of the Railways Act.\n“GMP”\nhas the same meaning as in the Rules.\n“Government Actuary”\nmeans the actuary appointed by the Secretary of State.\n“Insurance Company”\nmeans an insurance company to which the Insurance Companies Act 1982 applies, and which is authorised by section 3 or 4 of that Act to carry on ordinary long–term insurance business as defined in that Act.\n“Lump Sum Death Benefit”\nmeans the amount payable on the Member’s death at the multiple of the Member’s Final Average Pay chosen by the Designated Employer under Clause 3D (Defined Benefit Arrangement).\n“Member”\nmeans (unless stated otherwise in the Rules) an Employee who has joined the Scheme and has not ceased to be entitled to benefits under the Scheme.\n“Member’s Contribution Rate”\nmeans the contribution rate chosen by the Designated Employer under Clause 3D (Defined Benefit Arrange– ment).\n“Minimum Pension Age”\nmeans the age chosen by the Designated Employer under Clause 3D except in the case of the 1994 Pensioners “A” and “B” Sections and a Section governed by the rules of the Shared Cost Arrangement where it has the same meaning as in the Rules for the relevant Section.\n“Participating Employer”\nmeans an employer participating in the Scheme.\n“Pensionable Pay”\nhas the same meaning as in the Rules.\n“Pensionable Service”\nmeans the Member’s Service after joining a Section and any additional period expressed in the Rules to be Pensionable Service.\n“Pensions Act”\nmeans the Pension Schemes Act 1993.\n“Pensions Committee”\nmeans a pensions committee set up as described in Clause 4 (Pensions Committee) and Appendix 4 and, in the case of the 1994 Pensioners “A” and “B” Sections, Schedule 1 to the 1994 Pensioners “A” Section. References to the Pensions Committee are to the committee for the Section in question. If in relation to a particular Section (a) the Trustee is not notified that there is a Pensions Committee or (b) the Pensions Committee ceases to exist or (c) the Trustee does not delegate any powers, duties or discretions to the Pensions Committee or wholly revokes any such delegation, then all references to the Pensions Committee in this Pension Trust (other than in Appendix 4) and in the Rules are to be read as references to the Trustee.\n“Pooled Funds”\nmeans the common investment funds already established by the Trustee or to be established under Clause 5G (Consultation with Pensions Committees).\n“Preservation Laws”\nmeans the laws as to preservation of benefits set out in Chapter I of Part IV of the Pensions Act.\n“Protected Person”\nmeans a protected person under paragraph 5 of Schedule 11 to the Railways Act.\n“Railtrust Holdings Limited”\nmeans the holding company of the Trustee.\n“Railways Act”\nmeans the Railways Act 1993.\n“Revaluation Laws”\nmeans the laws as to revaluation of benefits set out in Part IV Chapter II of the Pensions Act.\n“Revenue Approval”\nmeans approval under Chapter I of Part XIV of the Taxes Act.\n“Rules”\nmeans in relation to a Section the rules of that Section.\n“Scheme”\nmeans the Railways Pension Scheme.\n“Secretary of State’s Guarantee”\nmeans the guarantee given by the Secretary of State to the Trustee under paragraph 11(1)(a) of Schedule 11 to the Railways Act.\n“Section”\nmeans the 1994 Pensioners “A” Section, the 1994 Pensioners “B” Section and any other section established under Clause 3 (The Scheme Sections).\n“Section Assets”\nmeans the assets attributable to a particular Section.\n“Service”\nmeans (unless otherwise stated in the Rules) employment with a Participating Employer.\n“Spouse’s Pension Fraction”\nmeans the fraction of the Member’s pension chosen by the Designated Employer under Clause 3D (Defined Benefit Arrangement) for calculating the spouse’s pension.\n“Taxes Act”\nmeans the Income and Corporation Taxes Act 1988.\n“Transfer Order”\nmeans an order under paragraph 4 of Schedule 11 to the Railways Act.\n“Transfer Value Laws”\nmeans the laws as to transfer values set out in Chapter IV of Part IV of the Pensions Act.\n“Trustee”\nmeans Railways Pension Trustee Company Limited.\n“Unitised Section Assets”\nmeans the Section Assets represented by notional units in the Pooled Funds.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1993 c. 48."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "1982 c. 50."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "1993 c. 48."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "1993 c. 43."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "1988 c. 1."
    }
  ],
  "outstanding_effects": [
    {
      "type": "amended",
      "affecting": "uksi/1994/2005",
      "affecting_title": "The Railway Pensions (Transfer and Miscellaneous Provisions) Order 1994"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1994/1433/schedule/paragraph/1n1",
    "retrieved_at": "2026-10-29T13:32:29.265047+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}