The Railways Pension Scheme Order 1994

Member’s Right to Transfer or “Buy–Out”

7A  A Member who left the BR Pension Scheme and remains entitled to deferred benefits under rule 25 of the BR Rules can require the Trustee by application in writing to use the cash equivalent of the deferred benefits in whichever of the following ways (or combination of them) the Member chooses:

(a) to buy one or more Buy–out Policies (see Rule 7B (Requirements for “Buy–Out” Policies)) from one or more Insurance Companies chosen by the Member;

(b) to acquire rights under another occupational pension scheme or under a personal pension scheme or under another Section of the Scheme (see Rule 7C (Requirements for Transfers)).

The cash equivalent shall be calculated by the Trustee on the basis of advice from the Actuary which complies with the Transfer Value Laws.

The Trustee may allow a Member who does not have a right to a cash equivalent to choose a transfer or a “buy–out” as described in this Rule. The Trustee may impose such conditions on the exercise of this choice as it thinks fit.

The Member can exercise his right by application in writing to the Trustee at any time up to a year before Minimum Pension Age (or, if later, 6 months after leaving employment with the Participating Employer).