Atomic Energy Authority Act 1995

Power of Secretary of State to require amendment of schemes E+W+S+N.I.

3 (1) The Secretary of State may direct the Authority to make such amendments of any Authority pension scheme as may be specified in the direction for any of the following purposes— E+W+S+N.I.

(a) for providing that, in the case of any director or other officer of a publicly owned successor company who, immediately before he becomes such a director or other officer—

(i) is a participant in an Authority pension scheme, or

(ii) is not such a participant, but was or would have become eligible as mentioned in paragraph 2(1)(b)(i) or (ii) above,

the provisions of any Authority pension scheme having effect in relation to employees of the successor company shall have effect with such modifications as may be specified,

(b) for requiring or enabling funds to be transferred under an Authority scheme in cases where, by virtue of paragraph 2(4) above or on becoming in consequence of a transfer scheme employees of a person other than the Authority or a successor company, persons cease to be included in an Authority pension scheme and for prescribing the method of calculating the amounts to be transferred and the assumptions to be used in calculating those amounts, and

(c) for giving effect to paragraph 2 above.

(2) A direction under this paragraph may require the Authority to make such supplemental, consequential and transitional provision amending any Authority pension scheme as the Secretary of State considers appropriate.

(3) It shall be the duty of the Secretary of State, before giving a direction under this paragraph, to consult the Authority, the Treasury and persons appearing to him to represent the employees of the Authority likely to be affected by the direction.

(4) No direction under this paragraph affecting employees of a successor company may be given after that company has ceased to be publicly owned.

(5) Sub-paragraphs (1) to (4) above shall be without prejudice to the power of the Secretary of State to give directions under section 3 of the M1 Atomic Energy Authority Act 1954.

Annotations:

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Marginal Citations

M1 1954 c. 32.