TRANSPORT Citation, commencement and interpretation 1 1 This Order may be cited as the Railway Pensions (Designation, Substitution and Miscellaneous Provisions) Order 2001 and shall come into force on 13th July 2001. 2 In this Order— “the 1994 Order ” means the Railway Pensions (Substitution) Order 1994 ; “the 1995 Order ” means the Railway Pensions (Substitution and Miscellaneous Provisions) Order 1995 ; “actuarial valuation” means an actuarial valuation of the Railways Pension Scheme made by the actuaries under the second paragraph of Clause 6B (Actuarial Valuations) of the Railways Pension Scheme or such other actuarial valuation made by the actuaries as the Secretary of State and the trustee of the Railways Pension Scheme may agree shall constitute an actuarial valuation for the purposes of this Order; “actuaries” means the actuary appointed by the trustee of the Railways Pension Scheme under Clause 6B of that Scheme and the Government Actuary; “business day” means any day other than a Saturday, Sunday, Christmas Day, Good Friday or a day which is a Bank Holiday in England and Wales; “the Article 2 Section” means the section of the Railways Pension Scheme designated in article 2 of this Order as a pension scheme which is to be treated as included among those schemes which are B.R. pension schemes for the purposes of Part III of the Transport Act 1980; “the Article 3 Section” means the section of the Railways Pension Scheme designated in article 3 of this Order as a pension scheme which is to be treated as included among those schemes which are B.R. pension schemes for the purposes of Part III of the Transport Act 1980; “the Railways Pension Scheme” means the occupational pension scheme established by the Railways Pension Scheme Order 1994 ; “retail prices index” means the general index of retail prices (for all items) published by the Central Statistical Office; “the Sections” means the Article 2 Section and the Article 3 Section; “valuation date” means, in relation to any actuarial valuation, the date at which that valuation is made; and a reference to an actuarial valuation which has been signed shall be taken to be a reference to an actuarial valuation which has been signed by or on behalf of the actuaries, and cognate expressions shall be construed accordingly. 3 Where this Order requires any payment to be made on any particular day that payment shall be made on that day, or if that day is not a business day on the next following business day. 4 Except so far as the context otherwise requires, any reference in this Order to a numbered article is to the article in this Order which bears that number. The Article 2 Section 2 Those persons who— a have qualifying pension rights which were transferred from the BR Section of the Railways Pension Scheme to the 1994 Pensioners Section of the Railways Pension Scheme by virtue of a deed of amendment dated 4th December 2000 and made between the trustee of the Railways Pension Scheme, the Secretary of State, British Railways Board and others; and b on 30th June 1980 were members of the British Railways Superannuation Fund: New Section , shall be treated as constituting a section of the Railways Pension Scheme; and that section is hereby designated as a pension scheme which is to be treated as included among those schemes which are B.R. pension schemes for the purposes of Part III of the Transport Act 1980, for the purpose of requiring or enabling the Secretary of State to make payments under sections 52(1), 52A, 52B or 52C of that Act. The Article 3 Section 3 Those persons who— a have qualifying pension rights which were transferred from the BR Section of the Railways Pension Scheme to the 1994 Pensioners Section of the Railways Pension Scheme by virtue of a deed of amendment dated 4th December 2000 and made between the trustee of the Railways Pension Scheme, the Secretary of State, British Railways Board and others; and b on 30th June 1980 were members of the British Railways (Wages Grades) Pension Fund , shall be treated as constituting a section of the Railways Pension Scheme; and that section is hereby designated as a pension scheme which is to be treated as included among those schemes which are B.R. pension schemes for the purposes of Part III of the Transport Act 1980, for the purpose of requiring or enabling the Secretary of State to make payments under sections 52(1), 52A, 52B or 52C of that Act. Termination dates and determination of unfunded obligations 4 1 The date which, for the purposes of section 52B of the Transport Act 1980, is to be the termination date in relation to the Article 2 Section is 13th August 2001, and the liability of the Secretary of State to make to the persons administering the Article 2 Section payments under section 52(1) of the Transport Act 1980 in relation to that section shall not continue after that date. 2 As at the termination date in relation to the Article 2 Section, the capital value of the unfunded obligations in the case of that section is £18,052,000, such amount having been determined by the Secretary of State. 3 The date which, for the purposes of section 52B of the Transport Act 1980, is to be the termination date in relation to the Article 3 Section is 13th August 2001, and the liability of the Secretary of State to make to the persons administering the Article 3 Section payments under section 52(1) of the Transport Act 1980 in relation to that section shall not continue after that date. 4 As at the termination date in relation to the Article 3 Section, the capital value of the unfunded obligations in the case of that section is £114,000, such amount having been determined by the Secretary of State. Payments in respect of unfunded obligations 5 1 Schedule 1 to this Order shall have effect for the purpose of— a requiring the Secretary of State to make payments in respect of the capital values of the unfunded obligations specified in article 4(2) and (4); and b providing for the accrual and payment of interest on the outstanding balances of the capital values of the unfunded obligations specified in article 4(2) and (4). 2 Any payment required to be made by the Secretary of State under Schedule 1 shall be made to the persons administering the Sections. Position if Sections are wound up 6 1 The obligations to make payments under Schedule 1 to this Order shall be discharged if both the Sections have, in the opinion of the Secretary of State, been wound up. 2 Where it appears to the Secretary of State that both the Sections may have been wound up, the Secretary of State shall consult the trustee of the Railways Pension Scheme in order to ascertain whether this is the case and shall thereafter make a determination as to whether both the Sections have been wound up. 3 The Secretary of State shall notify the trustee of the Railways Pension Scheme of any determination by him that in his opinion both the Sections have been wound up. Amendment of the 1994 Order 7 Schedule 2 to this Order shall have effect for the purpose of amending the 1994 Order. Amendment of the 1995 Order 8 Schedule 3 to this Order shall have effect for the purpose of amending the 1995 Order. Signed by authority of the Secretary of State David Jamieson Parliamentary Under Secretary of State Department for Transport, Local Government and the Regions 20th June 2001