delete PAYMENTS OF CAPITAL AND INTEREST IN RESPECT OF ONE HALF OF THE SUM OF THE CAPITAL VALUES SPECIFIED IN ARTICLES 3 AND 5
This Order, effective 12th March 1995, established termination dates (13th April 1995) for the Paragraph 2 Section and Paragraph 5 Section of the Railway Pension Scheme. It set capital values of unfunded obligations at £3,508,000 and £36,000 respectively, required the Secretary of State to make payments in respect of these amounts, and provided for interest on outstanding balances. The Order also addressed when payment obligations would be discharged upon wind-up of the sections.
This regulation is entirely historical and spent. All operative events contemplated - the termination dates (13th April 1995), payment schedules, and wind-up provisions - were to have occurred nearly 31 years ago. The specific pension sections referenced have long since been wound up or become irrelevant. Retaining this on the statute book serves no purpose beyond creating regulatory clutter. Furthermore, as a transitional Order dealing with a specific moment in British Rail's restructuring, it represents the kind of legacy EU-era regulatory accumulation that should be cleared to provide genuine regulatory clarity.