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<p>The extension to the Great Western rail franchise announced in November 2017 involved
the Secretary of State simply exercising his contractual right to extend the existing
contract, on the same terms as agreed in 2015. As in all other Franchise Agreements,
the Franchisee (as the Designated Employer) is responsible for paying employer pension
contributions required under the schedule of contributions applicable during their
franchise term. In the Great Western Railway franchise agreement, the Franchisee and
its employees bear all risks associated with changes in pension contributions.</p>
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