1(1)The Secretary of State may make regulations for all or any of the following purposes—
(a)for providing pensions to, or in respect of, persons who are or have been employed by the Corporation or the Iron and Steel Board or a company which has come into public ownership;
(b)for the establishment and administration of pension schemes and pension funds for the purposes of paragraph (a) above ;
(c)for the continuance, amendment, repeal or revocation of existing pension schemes relating to the like purposes, whatever the date on which they came into force, and of enactments relating thereto and of trust deeds, rules or other instruments made for the purposes thereof;
(d)for the transfer in whole or in part, or for the extinguishment, of liabilities under any such existing pension schemes ;
(e)for the transfer in whole or in part, or winding up, of pension funds held for the purposes of any such existing pension schemes; and
(f)for making any provision consequential on any such provision as aforesaid, including provision for the dissolution or winding up of bodies, whether incorporated or not, whose continued existence is unnecessary having regard to the regulations.
(2)Nothing in sub-paragraph (1)(b) to (e) above shall be taken to authorise the diversion of any funds referred to therein to purposes other than those of sub-paragraph (1)(a) above.