Atomic Energy Authority Act 1995

7 (1) Before a successor company ceases to be publicly owned, the relevant owner shall, after such consultation as is required by sub-paragraph (4) below, satisfy himself— E+W+S+N.I.

(a) that every person to whom the duty imposed by this sub-paragraph is owed will be afforded, and will be entitled to exercise (or, in a case falling within sub-paragraph (3)(b)(ii) below, entitled on attaining the age or fulfilling the condition to exercise), an option of becoming—

(i) a participant in a pension scheme maintained by the successor company, or

(ii) by virtue of his employment by that successor company, a participant in a pension scheme maintained by any other person, and

(b) that in his case the provisions of that scheme (taken as a whole) confer benefits which, taking into account other benefits which he will obtain as a result of his employment by the successor company, are no less favourable than the benefits conferred by the provisions, as in force immediately before the company ceases to be publicly owned, of the Authority pension scheme in which he is then or, as the case requires, would be entitled to become, a participant.

(2) In sub-paragraph (1) above, “the relevant owner” means—

(a) in relation to a company wholly owned by the Crown, the Secretary of State, and

(b) in relation to a wholly-owned subsidiary of the Authority, the Authority.

(3) The duty imposed by sub-paragraph (1) above shall be owed to every person employed by the successor company immediately before it ceases to be publicly owned who—

(a) is for the time being a participant in an Authority pension scheme, or

(b) is not for the time being such a participant but—

(i) is eligible to participate in an Authority pension scheme, or

(ii) would become eligible to participate in such a scheme on attaining an age or fulfilling a condition specified in the scheme.

(4) The consultation required by this sub-paragraph is—

(a) in a case where the company is wholly owned by the Crown, consultation with the Authority, the Treasury and persons appearing to the Secretary of State to represent employees of the company, and

(b) in a case where the company is a wholly-owned subsidiary of the Authority, consultation with the Secretary of State, the Treasury and persons appearing to the Authority to represent employees of the company.

(5) Nothing in this paragraph shall be regarded as limiting the powers of the Authority, the Treasury or the Secretary of State to dispose of any securities of a successor company.