The Railways Pension Scheme Order 1994

Rule 1

SCHEDULE 11 TO THE RULES OF THE SHARED COST ARRANGEMENT MEANING OF “PRESERVED BENEFITS”

1.  In respect of a Member who joined the British Railways (Wages Grades) Pension Fund on 14th August 1967:

(i) Preserved Death Benefits;

(ii) Preserved Lump Sums;

(iii) Preserved Pensions;

(iv) benefits granted under Schedule 2 para 4;

(v) benefits granted under Schedule 2 para 1 and Schedule 1 para 9;

(vi) benefits granted in respect of credited membership; and

(vii) benefits granted under Rule 17B (Members who were members of the BR Pension Scheme on 16th September 1991).

2.  In respect of a Member who joined the British Railways (Wages Grades) Pension Fund after 14th August 1967:

(i) items (a)(i), (a)(ii), (a)(iii) and (a)(iv) above but restricted to the amounts they would have been had the Member joined the British Railways (Wages Grades) Pension Fund on 14th August 1967 plus

(ii) benefits in respect of credited membership the same as those which were determined by the British Railways Board on the advice of the actuary to the British Railways (Wages Grades) Pension Fund in respect of credited membership of that Fund plus

(iii) benefits granted under Rule 17B (Members who were members of the BR Pension Scheme on 16th September 1991).

3.  In respect of a Member who immediately prior to 1st April 1987 was a member of the New Section and who joined the New Section on 14th September 1970:

(i) Preserved Death Benefits;

(ii) benefits granted under Schedule 1 para (4);

(iii) benefits granted under Schedule 1 para (10);

(iv) benefits granted under Schedule 1 paras (1), (2)(a) and (6)(c) and benefits granted under Rule 17B;

(v) benefits in respect of credited membership; and

(vi) benefits granted under Schedule 1 para (9)(b).

4.  In respect of a Member who immediately prior to 1st April 1987 was a member of the New Section and who joined the New Section after 14th September 1970:

(1) items (c)(i) and (c)(ii) but restricted to the amount they would have been had the Member joined the New Section on 14th September 1970;

(2) benefits granted under Schedule 1 paras (1), (2)(a) and (6)(c) and benefits granted under Rule 17B; and

(3) benefits in respect of credited membership the same as those which were determined by the British Railways Board on the advice of the actuary to the New Section in respect of credited membership of that Fund.

Note:

1.  In the case of a Member who was a member of the British Railways (Wages Grades) Pension Fund to whom Rule 5A(5) applies items (1)(v), (1)(vi) and (2)(ii) shall be calculated for this purpose on the basis of rule 13(4)(A) of that Fund.

2.  In the case of a Member who immediately prior to 1st April 1987 was a member of the New Section and to whom Rule 5A(5) applies, items (3)(iv), (3)(vi), (4)(ii) and (4)(iii) shall be calculated for this purpose on the basis of rule 13(4)(A) of that Fund.