The Railways Pension Scheme Order 1994

Expenses and Charges

2C  The Trustee shall pay the expenses of the Scheme (including its own expenses through acting as a trustee and its costs of management and administration and the expenses of Railtrust Holdings Limited) out of the Scheme’s assets.

The Trustee may also pay any fee, remuneration or expenses which it considers reasonable to any of its officers or employees. The Trustee and any officer or employee of the Trustee is entitled to retain beneficially any fee or remuneration which it or he receives.

The expenses of the Scheme shall be apportioned between Sections on a basis which the Trustee decides is equitable (taking into account all relevant factors including the number of Members participating in each Section and the administration expenses attributable to those Members). Expenses properly attributable to a Section shall be met only out of the Section Assets.

On an annual basis the Trustee shall consult with each Pensions Committee (or, if there is no Pensions Committee, the Designated Employer) about the details of the annual budget for expenses in relation to its Section and shall report at the end of the year on actual expenses incurred.