Citation and commencement

1. This Order may be cited as the Railway Pensions (Substitution) (Amendment) Order 2017 and comes into force on 12th March 2017.

Amendments to the Railway Pensions (Substitution) Order 1994

2.The Railway Pensions (Substitution) Order 1994( 2 ) is amended as follows.

3. In Schedule 2 (payments of capital and interest in respect of the remaining one half of the sum of the capital values specified in articles 3 and 5)—

(a) in paragraphs 2(1), 3(1) and 11(1), for “2003” substitute “2030”;

(b) in paragraph 2(3), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and (d)(ii) of the definition of “relevant amounts”, for “7(1)” substitute “7(A1) or (1)”;

(c) in paragraph 3(1), for “7(1)” substitute “7(A1) or (1)”;

(d) in paragraph 3(7), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and (d)(ii) of the definition of “relevant amounts”, for “7(1)” substitute “7(A1) or (1)”;

(e) in paragraph 4(2), for “7(1)” substitute “7(A1) or (1)”; and

(f) in paragraph 7—

(i) before sub-paragraph (1) insert—

“ (A1) Any interest which has accrued under paragraph 6 on 13th October in any year prior to and including 2030 on the outstanding balance of any Table B amount shall, on the day after it has accrued, be added to the outstanding balance of the amount specified in column 2 of Table B in relation to the year 10 years later than that year. ” ;

(ii) in sub-paragraph (1), after “any year” insert “after 2030”;

(iii) in sub-paragraph (2), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and d(ii) of the definition of “Y”, for “7(1)” substitute “7(A1) or (1)”; and

(iv) in sub-paragraph (4), for “sub-paragraph (1) requires” substitute “sub-paragraph (A1) or (1) requires interest or”.

Amendments to the Railway Pensions (Substitution and Miscellaneous Provisions) Order 1995

4.The Railway Pensions (Substitution and Miscellaneous Provisions) Order 1995( 3 ) is amended as follows.

5. In Schedule 2 (payments of capital and interest in respect of the remaining one half of the sum of the capital values specified in articles 3 and 5)—

(a) in paragraphs 2(1), 3(1) and 11(1), for “2004” substitute “2030”;

(b) in paragraph 2(3), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and (d)(ii) of the definition of “relevant amounts”, for “7(1)” substitute “7(A1) or (1)”;

(c) in paragraph 3(1), for “7(1)” substitute “7(A1) or (1)”;

(d) in paragraph 3(7), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and (d)(ii) of the definition of “relevant amounts”, for “7(1)” substitute “7(A1) or (1)”;

(e) in paragraph 4(2), for “7(1)” substitute “7(A1) or (1)”; and

(f) in paragraph 7—

(i) before sub-paragraph (1) insert—

“ (A1) Any interest which has accrued under paragraph 6 on 13th October in any year prior to and including 2030 on the outstanding balance of any Table B amount shall, on the day after it has accrued, be added to the outstanding balance of the amount specified in column 2 of Table B in relation to the year 10 years later than that year. ” ;

(ii) in sub-paragraph (1), after “any year” insert “after 2030”;

(iii) in sub-paragraph (2), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and d(ii) of the definition of “Y”, for “7(1)” substitute “7(A1) or (1)”; and

(iv) in sub-paragraph (5), for “sub-paragraph (1) requires” substitute “sub-paragraph (A1) or (1) requires interest or”.

Amendments to the Railway Pensions (Designation, Substitution and Miscellaneous Provisions) Order 2001

6.The Railway Pensions (Designation, Substitution and Miscellaneous Provisions) Order 2001( 4 ) is amended as follows.

7. In Schedule 1 (payments of capital and interest in respect of the sum of the capital values specified in article 4(2) and (4))—

(a) in paragraph 2(1), for “2010” substitute “2030”;

(b) in paragraph 2(3), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and (d)(ii) of the definition of “relevant amounts”, for “7(1)” substitute “7(A1) or (1)”;

(c) in paragraphs 3(1) and 11(1), for “2004” substitute “2030”; and

(d) in paragraph 3(1), for “7(1)” substitute “7(A1) or (1)”;

(e) in paragraph 3(7), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and (d)(ii) of the definition of “relevant amounts”, for “7(1)” substitute “7(A1) or (1)”;

(f) in paragraph 4(2), for “7(1)” substitute “7(A1) or (1)”; and

(g) in paragraph 7—

(i) before sub-paragraph (1) insert—

“ (A1) Any interest which has accrued under paragraph 6 on 13th October in any year prior to and including 2030 on the outstanding balance of any Table B amount shall, on the day after it has accrued, be added to the outstanding balance of the amount specified in column 2 of Table B in relation to the year 10 years later than that year. ” ;

(ii) in sub-paragraph (1), after “any year” insert “after 2030”;

(iii) in sub-paragraph (2), in paragraphs (a), (b), (c)(i), (c)(ii), (d)(i) and d(ii) of the definition of “Y”, for “7(1)” substitute “7(A1) or (1)”; and

(iv) in sub-paragraph (5), for “sub-paragraph (1) requires” substitute “sub-paragraph (A1) or (1) requires interest or”.