Paragraph 3 Initial transfers to Sections as a consequence of Transfer Schemes

In any case where the first transfer of Members' benefits are made from the Section established by the British Railways Board adopting the Rules of the Shared Cost Arrangement to another Section as a consequence of a Transfer Scheme the amount of the transfer payment will be calculated on a share of fund basis determined on the same actuarial basis as transfers under the Transfer Orders.

For the purposes of this paragraph 8C 3 “Transfer Scheme” means a transfer scheme made pursuant to section 85 of the Railways Act on or after 1st April 1994.