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THE SCHEDULEPENSION TRUST OF THE RAILWAYS PENSION SCHEME

Appendix 1

PART IRULES OF THE 1994 PENSIONERS “A” SECTION

GUARANTEE

17.  In accordance with the Secretary of State’s Guarantee the Secretary of State may in the circumstances specified in that Guarantee provide that the powers, duties or discretions conferred on the Trustee in relation to this Section shall be exercisable by such other person and for such period as the Secretary of State determines.