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  1. Introductory Text

  2. 1.Citation, commencement and interpretation

  3. 2.Establishment of the Railways Pension Scheme

  4. 3.Designation of the joint industry scheme

  5. Signature

    1. THE SCHEDULE

      PENSION TRUST OF THE RAILWAYS PENSION SCHEME

      1. 1.MEANING OF WORDS USED

      2. 2.TRUSTEE

      3. 2A.Constitution

      4. 2B.Delegation

      5. 2C.Expenses and Charges

      6. 2D.Limit of Liability

      7. 2E.Trustee Insurance

      8. 2F.Trustee Indemnity

      9. 2G.Fiduciary Duty

      10. 3.THE SCHEME SECTIONS

      11. 3A.Participation of Participating Employers

      12. 3B.Participating Employer establishing or participating in a Section

      13. 3C.Arrangements

      14. 3D.Defined Benefit Arrangement

      15. The Trustee may add to the above options subject to Clause 13 (Changing the Pension Trust and Rules) and to Revenue Approval.

      16. 3E.Defined Contribution Arrangement

      17. 3F.Participating Employer establishing more than one Section

      18. 3G.Change of Terms

      19. 3H.New Designated Employer

      20. 4.PENSIONS COMMITTEE

      21. 4A.Setting up a Pensions Committee

      22. 4B.Delegation

      23. 4C.Expenses

      24. 5.ASSETS OF THE SCHEME

      25. 5A.Contributions by Participating Employers

      26. 5B.Payment of Participating Employers' Contributions

      27. 5C.Payment of Members' Contributions

      28. 5D.Interest on Late Payment

      29. 5E.Assets held on Trust

      30. 5F.Application of Assets

      31. 5G.Consultation with Pensions Committees

      32. 6.ACCOUNTS, ACTUARIAL VALUATIONS AND ANNUAL REPORTS

      33. 6A.Accounts

      34. 6B.Actuarial Valuations

      35. 6C.Annual Reports

      36. 7.GENERAL PROVISIONS ABOUT SCHEME BENEFITS

      37. 7A.Payment of Benefits

      38. 7B.Deduction of Tax

      39. 7C.Beneficiary who is Incapable

      40. 7D.Benefits not Assignable

      41. 7E.Forfeiture of Benefits

      42. 7F.Notices

      43. 7G.Inland Revenue Limits

      44. 7H.Protected Persons

      45. 8.SCHEME BENEFITS — POWERS OF TRUSTEE

      46. 8A.Commutation Triviality

      47. 8B.Transfers–in

      48. 8C.Transfers–out

      49. 1.Transfers to another scheme or other arrangement or to a Section which has adopted the rules of the Defined Contribution Arrangement

      50. 2.Transfers between Sections which have adopted the rules of the Shared Cost Arrangement or of the Defined Benefit Arrangement

      51. 3.Initial transfers to Sections as a consequence of Transfer Schemes

      52. 4.Pensioners and Deferred Pensioners

      53. 5.Definition of Past Service Reserve

      54. 6.Notification by Actuary

      55. 7.General Provisions on Transfers

      56. 8D.Buy–Outs

      57. 9.CONTRACTING–OUT

      58. 9A.Overrides other Provisions

      59. 9B.GMPs

      60. 9C.Late Retirement

      61. 9D.Early Leavers

      62. 9E.Anti–Franking

      63. 9F.Transferred GMPs

      64. 9G.Other Contracting–out Requirements

      65. 10.CEASING TO PARTICIPATE

      66. 10A.When Participation Ceases

      67. 10B.One Participating Employer in a Section ceases to Participate

      68. 10C.All Participating Employers in a Section cease to Participate

      69. 10D.Participating Employer transfers between Sections

      70. 11.WINDING–UP A SECTION WHERE ALL EMPLOYERS CEASE TO PARTICIPATE

      71. 11A.All Participating Employers in a Section cease to Participate

      72. 11B.Expenses and Sums Due

      73. 11C.Buying Annuities

      74. 11D.Additional Voluntary Contributions

      75. 11E.Transfers

      76. 11F.Surplus Assets on Winding–up

      77. 11G.GMPs

      78. 11H.Trivial Benefits

      79. 11I.Defined Contribution Arrangement

      80. 12.CHANGE OF FRANCHISE OPERATOR OR SALE OF BUSINESS

      81. 12A.Participating in a Section

      82. 12B.Change of Franchise Operator

      83. 13.CHANGING THE PENSION TRUST AND RULES

      84. 13A.Changing the Pension Trust or Rules generally

      85. 13B.Changing only the Rules of a Section

      86. 13C.Restrictions on Changes

      87. 14.GOVERNING LAW

      88. Appendix 1

        1. PART I RULES OF THE 1994 PENSIONERS “A” SECTION

          1. 1.MEANING OF WORDS USED

          2. 2.MEMBERSHIP OF THE SECTION

          3. 3.CONTRIBUTIONS BY MEMBERS

          4. 4.BENEFITS

          5. 5.DEATH AFTER RETIREMENT

          6. 5A.Lump Sum and Pension

          7. 5B.Lump Sum

          8. 5C.Pensions for Eligible Spouse and Eligible Children

          9. 5D.Pensions for Legal Spouse and Eligible Dependants

          10. 6.EARLY LEAVERS

          11. 6A.Deferred Benefits

          12. 6B.Increases

          13. 6C.Benefits on the death of an Early Leaver

          14. 7.RIGHT TO TRANSFER OR “BUY–OUT”

          15. 7A.Member’s Right to Transfer or “Buy–Out”

          16. 7B.Requirements for “Buy–Out” Policies

          17. 7C.Requirements for Transfers

          18. 8.OTHER CHOICES FOR EARLY LEAVERS

          19. 8A.Early Benefits

          20. 8B.Additional Pension

          21. 8C.Additional Lump Sum

          22. 8D.Joint Annuitant’s Pension

          23. 8E.Early Retirement Level Pension Option

          24. 9.SPECIAL PROVISIONS FOR CERTAIN MEMBERS

          25. 9A.Member who joined the BR Pension Scheme before 1st June 1989

          26. 9B.Pension for spouse of a Member who ceased to contribute to the BR Pension Scheme before 1st July 1986 and dies on or after 1st July 1988

          27. 9C.Pension for widow of a Member who ceased to contribute to the BR Pension Scheme before 1st July 1986 and dies on or after 16th September 1991

          28. 9D.Member who ceased to contribute to the BR Pension Scheme between 1st July 1986 and 30th June 1988 and dies after 16th September 1991

          29. 9E.Special Lump Sum for Members who left the BR Pension Scheme with preserved benefits between 1st July 1988 and 30th June 1992

          30. 10.PENSION INCREASES

          31. 10A.General

          32. 10B.Members who left Employment or reach Minimum Pension Age before 1st July 1986

          33. 10C.BR Pension Scheme increases on 1st July 1988

          34. 10D.BR Pension Scheme increases on 16th September 1991

          35. 11.GENERAL RULES ABOUT BENEFITS

          36. 11A.Off–Set for Crime or Fraud

          37. 11B.Discretionary Death Benefit Trusts

          38. 11C.Members with no Personal Representatives

          39. 12.CONTRACTING–OUT AND STATE GRADUATED RETIREMENT BENEFITS

          40. 12A.Override

          41. 12B.GMP Increase

          42. 12C.State Graduated Retirement Benefits

          43. 13.SURPLUS ASSETS

          44. 14.SHORTFALL

          45. 15.APPLICATION OF ASSETS

          46. 16.WINDING–UP THE SECTION

          47. 16A.Time of Termination

          48. 16B.Use of Assets on Termination

          49. 17.GUARANTEE

          50. 18.CHANGING THE RULES

        2. Schedule to Appendix 1

          1. PENSIONS COMMITTEE

          2. Composition

          3. Appointees

          4. Chairman and Deputy Chairman of the Committee

          5. Secretary

          6. Procedure at Committee Meetings

        3. Appendix 1 PART 2 RULES OF THE 1994 PENSIONERS “B” SECTION

          1. 1.MEANING OF WORDS USED

          2. 2.MEMBERSHIP OF THE SECTION

          3. 17.TRANSFER TO THE 1994 PENSIONERS “A” SECTION (“the “A” Section”)

      89. Appendix 2

        THE ARRANGEMENTS AND RULES GOVERNING THE ARRANGEMENTS

        1. PART 1 RULES OF THE SHARED COST ARRANGEMENT

          1. 1.MEANING OF WORDS USED

          2. 2.JOINING THE SECTION

          3. 2A.Joining

          4. 2B.Evidence of Health

          5. 3.NORMAL CONTRIBUTIONS BY PARTICIPATING EMPLOYERS AND MEMBERS

          6. 3A.Normal Contributions by Participating Employers

          7. 3B.Normal Contributions by Members

          8. 4.ADDITIONAL CONTRIBUTIONS BY MEMBERS AND PARTICIPATING EMPLOYERS

          9. 4A.Additional Voluntary Contributions by Members

          10. 4B.Additional Contributions by Participating Employers

          11. 4C.Additional Contributions by Protected Persons who transferred from certain railway pension schemes to the New Section

          12. 4D.Additional Contributions by Members who are Protected Persons for Antedating Membership

          13. 4E.Additional Contributions from Professionals and Senior Officers

          14. 4F.Additional Contributions for Senior Officers who were members of BRASS–SO

          15. 5.BENEFITS FOR MEMBERS AT RETIREMENT

          16. 5A.Retirement between Minimum Pension Age and Age 65

          17. 5B.Lump Sum on Retirement between Minimum Pension Age and Age 65

          18. 5C.Members in Service after Age 65

          19. 5D.Early Retirement through Incapacity

          20. 6.ELECTIONS AT RETIREMENT

          21. 6A.Additional Pension

          22. 6B.Additional Lump Sum

          23. 6C.Joint Annuitant’s Pension

          24. 6D.Early Retirement Level Pension Option

          25. 7.DEATH IN SERVICE ON OR BEFORE AGE 65

          26. 7A.Lump Sum and Pension

          27. 7B.Lump Sum

          28. 7C.Pensions for Eligible Spouse and Eligible Children

          29. 7D.Pensions for Legal Spouse and Eligible Dependants

          30. 8.DEATH AFTER RETIREMENT

          31. 8A.Lump Sum and Pension

          32. 8B.Lump Sum

          33. 8C.Pensions for Eligible Spouse and Eligible Children

          34. 8D.Pensions for Legal Spouse and Eligible Dependants

          35. 9.EARLY LEAVERS

          36. 9A.Deferred Benefits

          37. 9B.GMP

          38. 9C.Benefits on the death of an Early Leaver

          39. 10.RIGHT TO TRANSFER OR “BUY–OUT”

          40. 10A.Member’s Right to Transfer or “Buy–Out”

          41. 10B.Requirements for Buy–Out Policies

          42. 10C.Requirements for Transfer

          43. 11.OTHER CHOICES FOR EARLY LEAVERS

          44. 11A.Early Benefits

          45. 11B.Choices at Retirement

          46. 12.EARLY LEAVERS REJOINING

          47. 13.MEMBERS AWAY FROM WORK

          48. 13A.General Principle

          49. 13B.Temporary Absence through Injury or Ill–Health

          50. 13C.Secondment

          51. 13D.Benefits for Members away from Work

          52. 14.MATERNITY

          53. 15.CEASING TO BE ELIGIBLE

          54. 16.OPTING OUT

          55. 17.SPECIAL PROVISIONS FOR CERTAIN MEMBERS

          56. 17A.Members who joined the BR Pension Scheme before 1st June 1989

          57. 17B.Members who were members of the BR Pension Scheme on 16th September 1991

          58. 17C.BR Members who transferred from certain railway pension schemes to the New Section

          59. 17D.BR Members who joined the British Railways (Wages Grades) Pension Fund on 14th August 1967, 7th April 1975 or 6th April 1978

          60. 18.GENERAL RULES ABOUT BENEFITS

          61. 18A.Pension Increases

          62. 18B.Off–Set for Crime or Fraud

          63. 18C.Discretionary Death Benefit Trusts

          64. 18D.Members with no Personal Representatives

          65. 18E.Discretionary Benefits

          66. 19.CONTRACTING–OUT AND STATE GRADUATED RETIREMENT BENEFITS

          67. 19A.Override

          68. 19B.GMP Increase

          69. 19C.State Graduated Retirement Benefits

          70. 20.SURPLUS ASSETS

          71. 21.SHORTFALL

          72. 22.WINDING–UP THE SECTION

          73. 22A.Time and manner of winding–up

          74. 22B.Priority of Benefits

          75. 22C.Surplus Assets on winding–up

          76. 23.CHANGING THE RULES

        2. SCHEDULE 1 TO THE RULES OF THE SHARED COST ARRANGEMENT BR MEMBERS WHO TRANSFERRED FROM CERTAIN RAILWAYS PENSION SCHEMES TO THE NEW SECTION

        3. SCHEDULE 2 TO THE RULES OF THE SHARED COST ARRANGEMENT BR MEMBERS WHO JOINED THE BRITISH RAILWAYS (WAGES GRADES) PENSION FUND (“THE WAGES FUND”) ON 14TH AUGUST 1967, 7TH APRIL 1975 OR 6TH APRIL 1978

          1. 1.A Member who joined the Wages Fund on 14th August...

          2. 2.A Member who immediately prior to joining the Wages Fund...

          3. 3.(a) This paragraph applies to a Member who immediately prior...

          4. 4.A Member who immediately before joining the Wages Fund on...

          5. 5.(a) (i) This paragraph applies to Members who immediately prior...

        4. SCHEDULE 3 TO THE RULES OF THE SHARED COST ARRANGEMENT BRASS 2 POLICY

          1. 1.The Trustee shall immediately pay to the Insurer all contributions...

          2. 2.The benefits under the Policy shall become payable only when...

          3. 3.When a Member who leaves Service with deferred benefits exercises...

          4. 4.When as a consequence of the death of a Member...

          5. 5.When a Member becomes entitled to the proceeds of the...

          6. 6.If a benefit becomes payable from the Section to or...

        5. SCHEDULE 4 TO THE RULES OF THE SHARED COST ARRANGEMENT BRASS–SO

          1. 1.The Member shall contribute at the rate which is specified...

          2. 2.The Participating Employer shall deduct contributions payable under paragraph 1...

          3. 3.The Participating Employer shall contribute such amounts as it determines...

          4. 4.Following a Member’s election under Rule 4F his Participating Employer...

          5. 5.Subject to the following paragraphs of this Schedule whenever a...

          6. 6.When benefits (other than a refund of contributions) become payable...

          7. 7.Subject to the following paragraphs of this Schedule the proceeds...

          8. 8.The Member may elect, within 4 weeks of the proceeds...

          9. 9.The Member shall be deemed to have made an election...

          10. 10.Following the death of any Member in respect of whom...

          11. 11.Subject to the following paragraphs of this Schedule the proceeds...

          12. 12.The Person Entitled may, however, within 4 weeks of the...

          13. 13.The Person Entitled shall be deemed to have made an...

          14. 14.If a Member ceases to contribute under paragraph 1 before...

        6. SCHEDULE 5 TO THE RULES OF THE SHARED COST ARRANGEMENT JOINT ANNUITY FACTORS

        7. SCHEDULE 6 TO THE RULES OF THE SHARED COST ARRANGEMENT MEMBERS WHO WERE MEMBERS OF THE BRITISH RAILWAYS (WAGES GRADES) PENSION FUND AND ELECTED FOR A JOINT PENSION

          1. FACTOR A

          2. FACTOR B

          3. 1.Notes:

          4. 2.For age differences outside the range of the tables, the...

        8. SCHEDULE 7 TO THE RULES OF THE SHARED COST ARRANGEMENT EARLY RETIREMENT LEVEL PENSION OPTION FACTORS

        9. SCHEDULE 8 TO THE RULES OF THE SHARED COST ARRANGEMENT EARLY RETIREMENT FACTORS

        10. SCHEDULE 9 TO THE RULES OF THE SHARED COST ARRANGEMENT ADDITIONAL CONTRIBUTIONS FOR ANTEDATING MEMBERSHIP

        11. SCHEDULE 10 TO THE RULES OF THE SHARED COST ARRANGEMENT SPECIAL TERMS FOR CERTAIN MEMBERS OF THE BRITISH RAILWAYS (WAGES GRADES) PENSION FUND (“WAGES GRADES MEMBERS”)

          1. PART 1

            1. 1.This schedule applies to Wages Grades Members who immediately before...

            2. 2.A Wages Grades Member to whom this schedule applies by...

            3. 3.The lump sum payable under Rule 7 (Death in Service...

            4. 4.The pension payable under or by analogy with Rule 5A(2)...

          2. PART 2

            1. NOTE:

          3. PART 3

          4. PART 4

        12. SCHEDULE 11 TO THE RULES OF THE SHARED COST ARRANGEMENT MEANING OF “PRESERVED BENEFITS”

          1. 1.In respect of a Member who joined the British Railways...

          2. 2.In respect of a Member who joined the British Railways...

          3. 3.In respect of a Member who immediately prior to 1st...

          4. 4.In respect of a Member who immediately prior to 1st...

          5. 1.Note:

          6. 2.In the case of a Member who immediately prior to...

        13. PART 2 RULES OF THE DEFINED BENEFIT ARRANGEMENT

          1. 1.MEANING OF WORDS USED

          2. 2.JOINING THE SECTION

          3. 2A.Joining

          4. 2B.Evidence of Health

          5. 3.CONTRIBUTIONS BY PARTICIPATING EMPLOYERS AND MEMBERS

          6. 3A.Contributions by Participating Employers

          7. 3B.Contributions by Members

          8. 4.ADDITIONAL VOLUNTARY CONTRIBUTIONS BY MEMBERS

          9. 5.BENEFITS FOR MEMBERS AT RETIREMENT

          10. 5A.Minimum Pension Age

          11. 5B.Late Retirement

          12. 5C.Early Retirement (not Incapacity)

          13. 5D.Early Retirement through Incapacity

          14. 6.ELECTIONS AT RETIREMENT

          15. 6A.Lump Sum

          16. 6B.Dependant’s Pension

          17. 6C.Early Retirement Level Pension Option

          18. 7.LUMP SUM PAYABLE ON MEMBER'S DEATH

          19. 7A.Member dies in Service before Pension starts

          20. 7B.Member dies within 5 years after Pension starts

          21. 7C.Member with Preserved Pension

          22. 7D.Discretionary Trusts

          23. 8.PENSIONS FOR SPOUSES, CHILDREN AND DEPENDANTS

          24. 8A.Spouse’s and Children’s Pension

          25. 8B.Other Dependant’s Pension

          26. 8C.Member dies in Service before Pension starts

          27. 8D.Member dies after Pension starts

          28. 8E.Member with Preserved Pension

          29. 8F.Young Spouse

          30. 9.EARLY LEAVERS

          31. 9A.Preserved Pension

          32. 9B.Refund of Contributions and Preserved GMPs

          33. 9C.Qualifying Service

          34. 10.RIGHT TO TRANSFER OR “BUY–OUT”

          35. 10A.Member’s Right to Transfer or “Buy–Out”

          36. 10B.Requirements for Buy–Out Policies

          37. 10C.Requirements for Transfers

          38. 11.OTHER CHOICES FOR EARLY LEAVERS

          39. 11A.Early Pension

          40. 11B.Late Pension

          41. 11C.Choices at Retirement

          42. 12.EARLY LEAVERS REJOINING

          43. 12A.Periods of Service treated Separately

          44. 12B.Qualifying Service

          45. 13.MEMBERS AWAY FROM WORK

          46. 13A.General Principle

          47. 13B.Temporary Absence through Injury or Ill–Health

          48. 13C.Secondment

          49. 13D.Benefits for Members away from Work

          50. 14.MATERNITY

          51. 15.PART–TIME EMPLOYMENT

          52. 16.CEASING TO BE ELIGIBLE

          53. 17.OPTING OUT

          54. 18.GENERAL RULES ABOUT BENEFITS

          55. 18A.Pension Increases

          56. 18B.Off–Set for Crime, Fraud or Negligence

          57. 18C.Discretionary Benefits

          58. 18D.Serious Ill–Health

          59. 19.CONTRACTING–OUT OVERRIDE

          60. 20.SURPLUS ASSETS

          61. 21.WINDING UP THE SECTION

          62. 21A.Time and manner of winding–up

          63. 21B.Surplus Assets

          64. 22.CHANGING THE RULES

        14. PART 3 RULES OF THE DEFINED CONTRIBUTION ARRANGEMENT

          1. 1.MEANING OF WORDS USED

          2. 2.JOINING THE SECTION

          3. 2A.Joining

          4. 2B.Evidence of Health

          5. 3.CONTRIBUTIONS BY PARTICIPATING EMPLOYERS AND MEMBERS

          6. 3A.Contributions by Participating Employers

          7. 3B.Contributions by Members

          8. 4.ADDITIONAL VOLUNTARY CONTRIBUTIONS BY MEMBERS

          9. 5.MEMBER'S ACCUMULATED FUND

          10. 6.RETIREMENT BENEFITS

          11. 6A.Benefit Date

          12. 6B.Using the Member’s Accumulated Fund

          13. 6C.Maximum Lump Sum

          14. 7.DEATH BENEFITS

          15. 7A.Using the Members Accumulated Fund

          16. 7B.Discretionary Trusts

          17. 8.ADDITIONAL BENEFITS

          18. 9.EARLY LEAVERS

          19. 9A.Preserved Benefits

          20. 9B.Refund of Contributions and Preserved GMPs

          21. 9C.Preservation Requirements

          22. 9D.Breaks in Qualifying Service

          23. 10.RIGHT TO TRANSFER OR “BUY–OUT”

          24. 10A.Member’s Right to Transfer or “Buy–Out”

          25. 10B.Requirements for “Buy–Out” Policies

          26. 10C.Requirements for Transfers

          27. 11.MEMBERS AWAY FROM WORK

          28. 12.MATERNITY

          29. 13.CEASING TO BE ELIGIBLE

          30. 14.OPTING OUT

          31. 15.GENERAL RULES ABOUT BENEFITS

          32. 15A.Purchase of Pensions

          33. 15B.Pension Increases

          34. 15C.Duration of Member’s Pension

          35. 15D.Duration of Survivor’s Pension

          36. 15E.Off–Set for Crime, Fraud or Negligence

          37. 15F.Discretionary Benefits

          38. 15G.Serious Ill–health

          39. 15H.Trustee’s Discretion to accept Transfers–in

          40. 15I.Trustee’s Discretion to Transfer–out

          41. 15J.Trustee’s Discretion to “Buy–out”

          42. 16.CONTRACTING–OUT OVERRIDE

          43. 17.SURPLUS ASSETS

          44. 18.WINDING UP THE SECTION WHERE ALL PARTICIPATING EMPLOYERS CEASE TO PARTICIPATE

          45. 18A.All Participating Employers in a Section cease to Participate

          46. 18B.Expenses and Sums Due

          47. 18C.Buying Annuities

          48. 18D.Additional Voluntary Contributions

          49. 18E.Surplus

          50. 18F.Transfers

          51. 18G.GMPs

          52. 18H.Trivial Benefits

          53. 19.CHANGING THE RULES

      90. Appendix 3

        DEED OF ESTABLISHMENT AND PARTICIPATION

        1. PART 1

        2. PART 2

      91. Appendix 4

        PENSIONS COMMITTEE

        1. Establishment

        2. Composition

        3. Appointees

        4. Chairman and Deputy Chairman of the Committee

        5. Procedure at Committee Meetings

      92. Appendix 5

        MODEL SCHEME OF DELEGATION

      93. Appendix 6

        INLAND REVENUE LIMITS

        1. 1.For the purposes of this Pension Trust and the Rules...

        2. 1.NOTES

        3. 2.Clause 9 (Contracting–out) overrides any provisions which are inconsistent with...

        4. 3.Where in addition to being a member of this Scheme...

        5. 2.MAXIMUM BENEFITS ON RETIREMENT FOR CLASS A AND CLASS B MEMBERS

        6. 3.MAXIMUM BENEFITS ON RETIREMENT FOR CLASS C MEMBERS

        7. 4.MAXIMUM LUMP SUM FOR CLASS A AND CLASS B MEMBERS

        8. 5.MAXIMUM LUMP SUM FOR CLASS C MEMBERS

        9. 6.MAXIMUM LUMP SUM ON DEATH IN SERVICE

        10. 7.MAXIMUM SPOUSE'S, ELIGIBLE DEPENDANT'S AND DEPENDANT'S PENSIONS

        11. 8.SURPLUS CONTRIBUTIONS

      94. Appendix 7

        AMENDMENT RESTRICTIONS — SHARED COST SECTIONS

      95. Appendix 8

        PROVISIONS ENTRENCHED BY CLAUSE 13 — SHARED COST SECTIONS

  6. Explanatory Note