The Railways Pension Scheme Order 1994

ADDITIONAL VOLUNTARY CONTRIBUTIONS BY MEMBERS

4.  A Member in Pensionable Service may pay Additional Voluntary Contributions on a basis agreed with the Trustee. If the Trustee so requires, a Member must give notice of his intention to start, reduce or stop paying Additional Voluntary Contributions.

Each Member’s Additional Voluntary Contributions shall be invested separately from all the other assets of the Scheme. The proceeds shall be used to provide additional benefits for or in respect of the Member.

The additional benefits shall be equivalent on a money purchase basis to the Additional Voluntary Contributions paid and shall comply so far as possible with any wishes made known by the Member in writing to the Trustee. The additional benefits cannot, however, be paid as a lump sum, except on the Member’s death or if the Trustee is satisfied that Revenue Approval would not be prejudiced.

If there is a surplus of a Member’s Additional Voluntary Contributions which cannot be used to provide benefits within Inland Revenue limits, the Trustee shall repay that surplus to the Member or, if the Member is dead, the Member’s personal representatives. Surplus shall be calculated in accordance with The Retirement Benefits Schemes (Restrictions on Discretion to Approve) (Additional Voluntary Contributions) Regulations 1993(1) and the Trustee shall at all times comply with the requirements of those Regulations.

(1)

S.I. 1993/3016.