The Iron and Steel (Pension Schemes) Regulations 1967

EXPLANATORY NOTE

These regulations contain provisions for the establishment and continuance after 28th July 1967 of pensions schemes in the sector of the iron and steel industry which comes into public ownership. The National Steel Corporation and the publicly-owned companies are empowered to establish and administer pension schemes which have been approved by the Minister of Power (regulation 2). Existing pension schemes of companies which come into public ownership may continue in operation. However, no new entrants will be admitted to them after a pension scheme approved by the Minister has been established for the company concerned or 28th July 1969, whichever is the earlier; and after a company has come into public ownership, its pension scheme may not be amended except with the consent of the Minister (regulation 3). Schemes administered by holding companies a wholly owned subsidiary of which comes into public ownership are transferred to the Corporation (regulation 4). Provision is made for the division of schemes some but not all of the members of which are or have been officers of companies which come into public ownership (regulations 5 to 7). The Iron and Steel Board pension schemes are continued with amendments, but after the vesting date are closed to new entrants and may not be further amended without the consent of the Minister (regulation 8).