Search Legislation

The Railway Pensions (Substitution and Miscellaneous Provisions) Order 1995

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

PART II

2.  Schedule 1 to the 1994 Order shall be amended in accordance with paragraphs 3 to 5 of this Schedule.

3.  In paragraph 4—

(a)in sub–paragraph (2) at the end there shall be inserted the following—

where—

“W” means the retail prices index for the month of September in the year before the year in which the relevant period begins, and

“Z” means the retail prices index for the month of September in the year in which the relevant period begins;

(b)for sub–paragraph (3) there shall be substituted the following—

(3) Where paragraph 3 requires the Secretary of State to commence payment of a Table A amount during a relevant period (“the first relevant period”) interest shall accure during that and the following relevant period on the outstanding balance for the time being of that relevant Table A amount at the rate of—

per cent per annum where—

“W” means the retail prices index for the month of September in the year before the year in which the first relevant period begins, and

“Z” means the retail prices index for the month of September in the year in which the first relevant period begins ;

(c)after sub–paragraph (3) there shall be inserted the following—

(3A) (a) Where interest accrues under sub–paragraph (1) it shall be added to the outstanding blance of the Table A amount in respect of which it has accrued on the day after it has accrued.

(b)Where interest accrues under sub–paragraph (3) it shall not be added to the oustanding balance of the Table A amount in respect of which it accrues but shall be paid in accordance with paragraph 6.; and

(d)in sub–paragraph (4) the definitions of “W” and “Z” shall be deleted.

4.  Paragraph 5 shall be deleted.

5.  In paragraph 6—

(a)in sub–paragraph (1) for the words “any interest which has accrued on and has been added to, or which is to accrue on,” there shall be substituted “any interest which has accrued or is accruing on”;

(b)for references to “the persons administering the section” (in both places where they occur) there shall be substituted “the persons administering the Paragraph 1 Section and the Paragraph 4 Section”.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enactedversion that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources