The Railways Pension Scheme Order 1994

All Participating Employers in a Section cease to Participate

18A  If all the Participating Employers in a Section cease to participate in that Section or if the Trustee, having taken actuarial advice and consulted with the Designated Employer considers that the Section Assets and the contributions that are reasonably expected in the future are likely to be insufficient to meet the cost of providing GMPs and Lump Sum Death Benefits, benefits shall cease to accrue under the Section for all Members and former employees of the Participating Employers (except for those Members who remain in Pensionable Service with a Participating Employer who participates in another Section in respect of whom Clause 10D of the Pension Trust (Participating Employer transfers between Sections) shall apply). Each Member in employment with a Participating Employer shall be treated as if, on the day the Participating Employer ceased to participate, the Member had left Service. The Trustee shall wind–up the part of the Scheme appropriate to the Section as set out in the rest of the Rule.

The Trustee may defer winding up the Section for so long as it sees fit and in the meantime provide benefits in accordance with the Pension Trust and Rules. In such a case the Trustee may under Clause 13 of the Pension Trust (Changing the Pension Trust and Rules) amend the Rules applying to these beneficiaries as it sees fit but not so as to impose any further liability on the Participating Employer.