Railway Pensions (Transfer of Pension Schemes) Order 2007

I am grateful for the overwhelming support from the Benches opposite. The noble Lord, Lord Bradshaw, properly declared his interest. It is a little sad that the historic funds are being wound up. My understanding is that one of them goes back to 1851, as noble Lords can probably read in its long title. However, it makes good sense to transfer the funds. We do not think that any member of the historic funds or the 1994 Pensioners Section, including the noble Lord, Lord Bradshaw, will be at all disadvantaged. As I said earlier, there is a prospect of enhanced benefit for some members, who will now automatically benefit from a share of any future surplus in the 1994 Pensioners Section. I assure noble Lords that all members will be notified of these changes; in fact, they have already been put on notice. Some of them will no doubt be very happy, particularly when they realise that they will be 4 per cent better off. On Question, Motion agreed to.