The Railways Pension Scheme Order 1994

Transfers to another scheme or other arrangement or to a Section which has adopted the rules of the Defined Contribution Arrangement

(a) Transfers (not following a compulsory change in employment)

If the benefits of a Member are transferred, the amount of the transfer payment will be equal in value to the cash equivalent of the Member’s benefits calculated in accordance with the Transfer Value Laws. The Designated Employer may agree to the transfer of a higher amount (but not exceeding a share of fund) provided that the Pensions Committee is satisfied that the benefits to be provided in respect of past service in the receiving scheme, arrangement or Section are reasonable in relation to the transfer payment paid.

(b) Transfers (following a compulsory change in employment)

If benefits are transferred following a compulsory change in employment then the amount of the transfer payment will be equal in value to the cash equivalent of the Member’s benefits calculated in accordance with the Transfer Value Laws. The Pensions Committee may decide, however, that the transfer payment should be increased to an amount equal to the Member’s Past Service Reserve, or such higher amount as the Designated Employer agrees (but not exceeding in either case a share of the fund) and provided that the Pensions Committee is satisfied that the benefits to be provided in the receiving scheme, arrangement or Section will be of the same value overall to the benefits provided under the transferring Section.