The Iron and Steel (Pension Schemes) (Transfer) Regulations 1970

EXPLANATORY NOTE

These regulations provide for the transfer to the Trustees of the British Steel Corporation Staff Superannuation Scheme of the assets and liabilities of those pension schemes listed in the Schedule.

2. All the pension funds relating to the scheduled schemes, and the rights of the Trustees to receive payments under assurance policies held for the purposes of the schemes, are to be transferred to the Trustees of the Corporation's Scheme and the pension funds and moneys received under those policies, together with the Corporation's scheme pension fund, are to be administered as one fund (regulation 3). Transfer certificates are to be given to those responsible for effecting the transfers and all documents relating to the scheduled schemes are to be delivered to the Trustees of the Corporation's Scheme (regulation 4). The provisions of the scheduled schemes which relate to eligibility for the payment of benefits and which provide for the payment of contributions are, with the exceptions specified, to continue to have effect from 1st April 1970 but the other provisions are to cease to have effect from that date (regulation 5). A member of a scheduled scheme may elect to receive benefits provided under the Corporation's Scheme instead of those provided under his old scheme. Trustees of the Corporation's Scheme are to ensure that no person other than the member making such an election is placed in a worse position as a result of such an election (regulation 6).