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The Railways Pension Scheme Order 1994
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GMPs
18G If the relevant assets are insufficient to provide in full the GMPs and benefits to be provided before GMPs in accordance with Rule 18C (Buying Annuities), the Participating Employers participating in the Section shall immediately pay to the Trustee, in the proportions decided by the Trustee, the amount specified by the Trustee as necessary to provide the GMPs and benefits in full.
If the Section is the last Section being wound–up, (or if the Scheme ceases earlier to be a Contracted–out Scheme) the Trustee may pay state scheme premiums under the Pensions Act to reinstate any Members and their widows and widowers for earnings related benefits in the state scheme. If the Trustee pays state scheme premiums, the benefits otherwise to be provided on termination shall be reduced as the Trustee considers appropriate, to take account of the GMPs extinguished. Any reduction in benefits shall be consistent with the Contracting–out and Preservation Laws and the requirements of the Occupational Pensions Board.
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