The Railways Pension Scheme Order 1994

Using the Member’s Accumulated Fund

6B  The Trustee shall use the Member’s Accumulated Fund to provide benefits for the Member in one or more of the following forms:

(1) a pension payable to the Member starting with effect from the Benefit Date (see Rule 6A (Benefit Date));

(2) a lump sum payable to the Member on the Benefit Date;

(3) benefits payable with effect from the Member’s death after the Benefit Date as described in Rule 7 (Death Benefits).

A lump sum shall be provided only if the Member so chooses and the Trustee agrees. The lump sum cannot exceed the maximum described in Rule 6C (Maximum Lump Sum).

When providing benefits the Trustee shall take into account any wishes made known by the Member in writing to the Trustee. Benefit must not exceed Inland Revenue limits and shall comply with the Contracting–out Laws.

The amount of benefits under Rule 6B (Using the Member’s Accumulated Fund) shall be calculated on a basis determined by the Trustee after taking actuarial advice.