The Railways Pension Scheme Order 1994

Delegation

2B  The Trustee may delegate powers, duties or discretions to any person and on any terms (including the power to sub–delegate). In delegating powers, duties or discretions under this Clause the Trustee shall act in accordance with Clause 2G (Fiduciary Duty).

In particular with the consent of the Pension Committee concerned, the Trustee shall delegate the powers, duties and discretions set out in Appendix 5 to Pensions Committees. If, however:

(a) the Trustee and the Designated Employer so agree; or

(b) the Trustee is of the opinion that the Pensions Committee is unlikely to be able to perform properly any or all of the powers, duties and discretions set out in Appendix 5,

then the Trustee may delegate some or none of the powers, duties or discretions set out in Appendix 5 or may delegate powers, duties or discretions, different or additional to those set out in Appendix 5. In the case of the 1994 Pensioners “A” and “B” Sections the Designated Employer is the Secretary of State.

All powers, duties and discretions exercised by or delegated to a Pensions Committee shall be exercised in accordance with its fiduciary duties to the beneficiaries of the Section concerned.

The terms of any delegation by the Trustee under this Clause (including delegation of the administration of the Scheme and delegation to a Pensions Committee) shall be set out in writing and shall be subject to a regular review following consultation with the Pensions Committee and Designated Employer concerned. The first regular review shall take place not later than 3 years after the date of establishment of the Scheme (or, in the case of delegation to a Pensions Committee, not later than 3 years after the date the Trustee first delegates to that Pensions Committee) and subsequent reviews shall be carried out at intervals of not more than 3 years.

The Trustee may revoke at any time any or all of the powers, duties and discretions which it has delegated to a Pensions Committee if it is of the opinion that the Pensions Committee in question is unlikely to be able to continue to perform properly those powers, duties and discretions.

In the event that the Trustee either does not delegate its powers, duties and discretions under Rules 13, 14 and 15 of the Pensioners “A” and “B” Sections to the Pensions Committee or revokes any of these delegations, then the Secretary of State will be entitled to appoint a representative who may attend meetings of the board of the Trustee (but who will not be entitled to vote or count towards the quorum).