The Railways Pension Scheme Order 1994

2.  The Participating Employer shall deduct contributions payable under paragraph 1 above from the earnings of Members employed by it and shall pay to the Trustee on 1st July each year the amount specified at paragraph 3. Immediately on receipt of that amount the Trustee shall pay to the Insurer:

(a) an amount equal to the total amount payable under paragraph 1 above during the following year on the assumption that Members employed by it continue to contribute during the whole of that year;

plus

(b) an amount equal to the amount received under paragraph 2 above in the year ending on the previous day;

less

(c) the amount calculated under (a) above on 1st July in the previous year; and

less

(d) any amounts refunded by the Insurer to the Trustee during the year ending on the previous day.