The Coal Industry (Superannuation Scheme Winding Up) (Revocations and Savings) Regulations 2014

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Coal Industry (Superannuation Scheme Winding Up) (Revocations and Savings) Regulations 2014, and come into force on 1st September 2014.

(2) In these Regulations—

“existing scheme” means any scheme having effect by virtue of regulations made under section 37 of the Coal Industry Nationalisation Act 1946 for purposes relating to pensions, gratuities or other like benefits;

“superannuation scheme” means a scheme or other arrangements for the provision of pensions, gratuities or other like benefits;

“the Trustees” means the trustees of any existing scheme;

“Winding Up Regulations” means the Regulations mentioned in regulation 2;

“wound up scheme” means a superannuation scheme which was wound up by any of the Winding Up Regulations.

Revocations

2.  Subject to the savings in regulation 3, the Regulations listed in the Schedule are revoked.

Savings

3.  The revocation of the Winding Up Regulations does not affect—

(a) the transfer of any property, right or interest under or by virtue of any of the Winding Up Regulations;

(b) the vesting of liabilities and obligations in any person under or by virtue of any of the Winding Up Regulations;

(c) any duty to ensure—

(i) the transfer of any property, right or interest to any person under or by virtue of any of the Winding Up Regulations, or

(ii) the vesting of any liability or obligation in any person under or by virtue of any of the Winding Up Regulations;

(d) any continuing obligation to pay benefits under the wound up schemes;

(e) the powers of the Trustees to cause or allow the disposal of any property, right or interest transferred under or by virtue of any of the Winding Up Regulations, or to apply any proceeds of any such property, right or interest for—

(i) the discharge of any liability or obligation, or the payment of any expense, imposed upon them by any of the Winding Up Regulations, or

(ii) the purposes of any existing scheme;

(f) any trust upon which any property, right or interest transferred under or by virtue of any of the Winding Up Regulations is held;

(g) the substitution of the Trustees, including in any regulating instruments, in place of—

(i) the trustees, or

(ii) any persons vested with or in possession or control of any property or vested with any right as trustees,

of any wound up scheme;

(h) any exclusion from liability of a person arising by virtue of any of the Winding Up Regulations; or

(i) any indemnity from liability arising or preserved by virtue of any of the Winding Up Regulations.

Verma

Parliamentary Under Secretary of State

Department of Energy and Climate Change

25th July 2014