The Railways Pension Scheme Order 1994

4.  The pension payable under or by analogy with Rule 5A(2) (Retirement between Minimum Pension Age and Age 65) to a Wages Grades Member to whom this schedule applies shall be reduced, except when such pension is used in the calculation of a pension payable to an Eligible Spouse or Eligible Dependants or Eligible Children, by the annual equivalent of the excess of:

(i) the aggregate of:

(a) th in the case of a man, th in the case of a woman, of the proportion of each element of the Preserved Lump Sum (if any) shown in column 4 of parts 2, 3 and 4 in respect of each scheme (if any) of which he or she was a member; and

(b) the weekly equivalent of the proportion of each element of the Preserved Pension (if any) shown in column 4 of parts 2, 3 and 4 in respect of each scheme (if any) of which he or she was a member; and

(c) the amount of the weekly pension (if any) payable from the pension schemes mentioned in items (ii), (iii), (iv) and (v) of paragraph 1 which was provided by contributions from the employer;

over

(ii) 46.25p a week,

except that the pension payable as aforesaid shall not be reduced under this paragraph below the pension which would be calculated under Rule 5A(2) if Pensionable Service were equal to the aggregate of:

(i) 40% of Antedated Membership (if any); and

(ii) the period of additional membership granted under rule 6(2) of the New Section and rule 6(2) of the British Railways (Wages Grades) Pension Fund or any predecessor to that rule, and any Pensionable Service granted as a result of a transfer–in; and

(iii) 50% of Contributory Membership between 14th August 1967 and 30th June 1974 inclusive; and

(iv) 40% of Contributory Membership after 30th June 1974.