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The Railways Pension Scheme Order 1994

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APPLICATION OF ASSETS

15.  The Trustee shall determine at all times the strategic investment policy of the Section with the consent of the Secretary of State and the Pensions Committee and shall exercise the Trustee’s powers under Clause 5F of the Pension Trust (Application of Assets) in accordance with the terms and conditions necessary to allow it to provide annually the Trustee’s full certificate in accordance with the Secretary of State’s Guarantee.

As soon as reasonably practicable and not later than three months after the Trustee has obtained (pursuant to Clause 6B of the Pension Trust (Actuarial Valuations)) an actuarial valuation for the Section, the Trustee shall, after consulting the Actuary, obtain the consent of the Secretary of State and the Pensions Committee for the continuance or variation of the investment policy for the Section in accordance with the terms and conditions of the Secretary of State’s Guarantee.

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