The Railways Pension Scheme Order 1994

Restrictions on Changes

13C  No change may be made which:

(i) varies the main purpose of the Scheme to provide pensions and other benefits for and in respect of Members;

(ii) permits payment of assets to Participating Employers other than as already described under the Pension Trust and Rules or the application of assets other than for the purposes of the Scheme;

(iii) reduces without the person’s consent the benefits in respect of a person already receiving a pension at the date of the change;

(iv) conflicts with any provisions which have effect by virtue of an order (other than the Railways Pension Scheme Order 1994(1) and the Schedule to it) made by the Secretary of State under Schedule 11 to the Railways Act;

(v) prejudices Revenue Approval;

(vi) in respect of a Protected Person, varies, cancels or overrides or would have the effect of varying, cancelling or overriding the purpose or intent or terms of, or any definition used in, any of the Clauses of the Pension Trust or Rules of the Shared Cost Arrangement or the 1994 Pensioners “A” and “B” Sections which are set out in Appendix 8, without the prior written consent of at least 75% of all the directors of the Trustee;

(vii) alters the powers, duties and discretions of the Actuary or the Trustee without the prior written consent of 75% of all the directors of the Trustee;

(viii) has the effect of replacing the Trustee unless the replacement trustee is a corporate body governed by a Memorandum and Articles of Association identical to those which govern the outgoing trustee and the Secretary of State has consented to the assignment to the replacement Trustee of the benefit of the guarantee in respect of the 1994 Pensioners “A” and “B” Sections.

In addition to the restrictions on amendments set out above;

(a) the restrictions set out in Appendix 7 apply to any amendment which affects any Protected Person; and

(b) no amendment may be made to Clause 8C in relation to a Protected Person which would have the effect of reducing the amount of the transfer payment as described in that Clause being an amount less than the amount permitted under the terms of the Railway Pensions (Protection and Designation of Schemes) Order 1994.

(1)

S.I. 1994/1433.