The Railways Pension Scheme Order 1994

Participating Employer transfers between Sections

10D  If a Participating Employer ceases to participate in one Section and immediately starts to participate in another Section, the Members employed by that Participating Employer at the date of the change shall have their benefits calculated as if all their Pensionable Service had been with the new Section except that where the Rules relating to the new Section are different from those relating to the previous Section, each Member’s benefits accrued to the date of the change may be adjusted, as decided by the Trustee after taking actuarial advice.

The Trustee, acting on actuarial advice, shall transfer Section Assets from the First Section to the Second Section on the basis set out in Clause 8C (Transfers–out), calculated at the date the Participating Employer ceases to participate in the first Section.

After consulting with the Pensions Committees of the Sections concerned the Trustee shall decide which assets shall be transferred.