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Old 27th June 2012, 18:34   #21
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5.14.5 Calculation of Refund Value for Season Ticket Changeovers

A season ticket submitted for a changeover transaction will be charged / refunded pro-rata to the period of validity remaining based on the price difference between the two season tickets. The prices used for both tickets should be the prevailing rate on the original date the season ticket started.

Example 1

A passenger submits a LONDON TERMINALS [NLC 1072] - LEEDS [NLC 8487] Route Any Permitted annual season starting on 01/01/12 for a changeover to LONDON TERMINALS - DONCASTER [NLC 6417] Route Any Permitted on 30/06/12, starting on 01/07/12.

The prevailing rate is the one applicable on 01/01/12, which was released with NFM10. The Leeds annual season cost 11600 and the Doncaster annual season cost 9800. There are 366 actual days during the validity of the ticket, however for the calculation of the effective daily cost (confusingly named the base rate - not to be confused with the one from Section 5.4.4), a year always equals 365 days. Therefore the effective daily costs are:

LONDON TERMINALS - LEEDS: 11600 365 = 31.78 (rounded to the nearest 1p)
LONDON TERMINALS - DONCASTER: 9800 365 = 26.85 (rounded to the nearest 1p)

Days to refund: 31 + 31 + 30 + 31 + 30 + 31 = 184

Total credit for surrendered ticket: 31.78 x 184 = 5847.52
Total charge for new ticket: 26.85 x 184 = 4940.40

Total refund: 5847.52 - 4940.40 = 907.12

This refund is not subject to the administration charge.

Example 2

A passenger requires a changeover from a SOUTHAMPTON CENTRAL [NLC 5932] – LONDON ZONES 1-6 [NLC 0035] Route Any Permitted Travelcard season valid from 14/03/12 to 19/07/12 to a HONITON [NLC 5717] - READING STATIONS [NLC 0403] Route Any Permitted season on 01/05/12, effective 02/05/12.

The prevailing rate is the one applicable on 14/03/12, which was released with NFM11. The Southampton Travelcard season cost 2258.20 (4 months 6 days) and the Honiton season cost 2606.70 (4 months 6 days). There are 128 actual days during the validity of the ticket, however for the calculation of the effective daily cost, a month always equals 30 days. Therefore the period of validity is calculated as 126 days in this case, with the effective daily costs being:

SOUTHAMPTON CENTRAL - LONDON ZONES 1-6: 2258.20 126 = 17.92
HONITON - READING STATIONS: 2606.70 126 = 20.69

Days to charge: 30 + 30 + 19 = 79

Total credit for surrendered ticket: 17.92 x 79 = 1415.68
Total charge for new ticket: 20.69 x 79 = 1634.51

Total charge: 1634.51 - 1415.68 = 218.83.
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