THE SCHEDULE
Articles 2(1) and (2)
PENSION TRUST OF THE RAILWAYS PENSION SCHEME
1. MEANING OF WORDS USED
This Clause sets out the meaning of words used in the Pension Trust except where otherwise indicated.
“Accrual Rate” |
means the accrual rate chosen by the Designated Employer under Clause 3D (Defined Benefit Arrangement). |
“Actuary” |
means the actuary appointed under Clause 6B (Actuarial Valuations) and “actuarial advice” means advice given by the Actuary. |
“Arrangements” |
means the benefit arrangements referred to in Clause 3C (Arrangements). |
“Additional Voluntary Contributions” |
means contributions over and above a Member’s normal contributions under the Scheme (if any) which the Member elects to pay to secure additional benefits. |
“BRASS–SO” |
means the British Railways Additional Superannuation Scheme for Senior Officers. |
“Buy–out Policy” |
means a policy of insurance or annuity contract which is appropriate for the purposes of section 19 of the Pensions Act. |
“Children’s Pension Fraction” |
means the children’s pension fraction of the spouses' pension chosen by the Designated Employer under Clause 3D (Defined Benefit Arrangement). |
“Clause” |
means a clause of this Pension Trust. |
“Contracting–out Laws” |
means the contracting–out laws of the Pensions Act3 (including anti–franking), and similar expressions have a corresponding meaning. |
“Deed of Establishment and Participation” |
means the deed referred to in Clause 3B (Participating Employer establishing or participating in a section). |
“Designated Employer” |
means the Participating Employer named in the Deed of Establishment and Participation as the Designated Employer for a Section, or in the case of the Pensioners “A” and “B” Sections it means the Secretary of State. |
“Employee” |
has the same meaning as in the Rules. |
“Final Average Pay” |
has the same meaning as in the Rules. |
“Franchise Director” |
has the same meaning as in section 1 of the Railways Act. |
“Franchise Operator” |
has the same meaning as in section 23(3) of the Railways Act. |
“GMP” |
has the same meaning as in the Rules. |
“Government Actuary” |
means the actuary appointed by the Secretary of State. |
“Insurance Company” |
means an insurance company to which the Insurance Companies Act 19824 applies, and which is authorised by section 3 or 4 of that Act to carry on ordinary long–term insurance business as defined in that Act. |
“Lump Sum Death Benefit” |
means the amount payable on the Member’s death at the multiple of the Member’s Final Average Pay chosen by the Designated Employer under Clause 3D (Defined Benefit Arrangement). |
“Member” |
means (unless stated otherwise in the Rules) an Employee who has joined the Scheme and has not ceased to be entitled to benefits under the Scheme. |
“Member’s Contribution Rate” |
means the contribution rate chosen by the Designated Employer under Clause 3D (Defined Benefit Arrange– ment). |
“Minimum Pension Age” |
means the age chosen by the Designated Employer under Clause 3D except in the case of the 1994 Pensioners “A” and “B” Sections and a Section governed by the rules of the Shared Cost Arrangement where it has the same meaning as in the Rules for the relevant Section. |
“Participating Employer” |
means an employer participating in the Scheme. |
“Pensionable Pay” |
has the same meaning as in the Rules. |
“Pensionable Service” |
means the Member’s Service after joining a Section and any additional period expressed in the Rules to be Pensionable Service. |
“Pensions Act” |
means the Pension Schemes Act 19935. |
“Pensions Committee” |
means a pensions committee set up as described in Clause 4 (Pensions Committee) and Appendix 4 and, in the case of the 1994 Pensioners “A” and “B” Sections, Schedule 1 to the 1994 Pensioners “A” Section. References to the Pensions Committee are to the committee for the Section in question. If in relation to a particular Section (a) the Trustee is not notified that there is a Pensions Committee or (b) the Pensions Committee ceases to exist or (c) the Trustee does not delegate any powers, duties or discretions to the Pensions Committee or wholly revokes any such delegation, then all references to the Pensions Committee in this Pension Trust (other than in Appendix 4) and in the Rules are to be read as references to the Trustee. |
“Pooled Funds” |
means the common investment funds already established by the Trustee or to be established under Clause 5G (Consultation with Pensions Committees). |
“Preservation Laws” |
means the laws as to preservation of benefits set out in Chapter I of Part IV of the Pensions Act. |
“Protected Person” |
means a protected person under paragraph 5 of Schedule 11 to the Railways Act. |
“Railtrust Holdings Limited” |
means the holding company of the Trustee. |
“Railways Act” |
means the Railways Act 19936. |
“Revaluation Laws” |
means the laws as to revaluation of benefits set out in Part IV Chapter II of the Pensions Act. |
“Revenue Approval” |
means approval under Chapter I of Part XIV of the Taxes Act. |
“Rules” |
means in relation to a Section the rules of that Section. |
“Scheme” |
means the Railways Pension Scheme. |
“Secretary of State’s Guarantee” |
means the guarantee given by the Secretary of State to the Trustee under paragraph 11(1)(a) of Schedule 11 to the Railways Act. |
“Section” |
means the 1994 Pensioners “A” Section, the 1994 Pensioners “B” Section and any other section established under Clause 3 (The Scheme Sections). |
“Section Assets” |
means the assets attributable to a particular Section. |
“Service” |
means (unless otherwise stated in the Rules) employment with a Participating Employer. |
“Spouse’s Pension Fraction” |
means the fraction of the Member’s pension chosen by the Designated Employer under Clause 3D (Defined Benefit Arrangement) for calculating the spouse’s pension. |
“Taxes Act” |
means the Income and Corporation Taxes Act 19887. |
“Transfer Order” |
means an order under paragraph 4 of Schedule 11 to the Railways Act. |
“Transfer Value Laws” |
means the laws as to transfer values set out in Chapter IV of Part IV of the Pensions Act. |
“Trustee” |
means Railways Pension Trustee Company Limited. |
“Unitised Section Assets” |
means the Section Assets represented by notional units in the Pooled Funds. |
2. TRUSTEE
2A. Constitution
Each Designated Employer covenants with the Trustee that it shall not exercise any of its rights as a member of Railtrust Holdings Limited, including any right which would have the effect of amending the Memorandum and Articles of Association of the Trustee or of Railtrust Holdings Limited, without the prior written consent of 75% of the directors of the Trustee.
The Trustee may not resign from its office as trustee of the Scheme and section 36 of the Trustee Act 19258shall not apply.
Any person may be a director of Railtrust Holdings Limited or of the Trustee and may benefit from a power which he is involved in exercising as a director of Railtrust Holdings Limited or of the Trustee regardless of whether he is also a Member or whether he has a direct or indirect interest in the Scheme or is a director of a Participating Employer.
25% of the directors of the Trustee may at any time take legal advice on legal action in relation to a Section independently of the other directors of the Trustee except that in the case of the 1994 Pensioners “A” and “B” Sections the agreement of the Secretary of State is also required. The expenses of that legal advice shall be met out of the Scheme assets, and shall be subject to a limit set by the Trustee which may be increased from time to time.
2B. Delegation
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...
