The Railways Pension Scheme Order 1994

3.  The lump sum payable under Rule 7 (Death in Service on or before Age 65) or Rule 8 (Death after Retirement) on the death of a Wages Grades Member to whom this schedule applies shall be reduced by the excess of:

(i) the aggregate of:

(a) the proportion of each element of the Preserved Death Benefit (if any) shown in column 4 of parts 2, 3 and 4 in respect of each scheme (if any) of which he or she was a member; and

(b) the amount of the capital sum death benefit (if any) payable from the pension schemes mentioned in items (ii), (iii), (iv) and (v) of paragraph 1 which was provided by contributions from the employer;

over

(ii) £125,

except that the lump sum payable as aforesaid shall not be reduced under this paragraph below the Member’s Accumulated Contributions (as defined in the rules of the British Railways (Wages Grades) Pension Fund).