The Coal Industry Nationalisation (Superannuation) Regulations 1950

5.—(1)  As from the relevant date every scheme and other arrangement, and every regulating instrument in connection therewith, existing at the relevant date which relates partly but not exclusively to such persons as fall within sub-paragraph (a) or (b) of paragraph (1) of the last preceding regulation (in these regulations referred to as a “non-exclusive scheme” ) shall be deemed in all respects to be, and shall be administered as, two separate schemes, being as to one part a scheme for the benefit of all persons who are entitled to benefit, or were in receipt of any benefit, under such non-exclusive scheme and who are persons within the said paragraphs (in these regulations referred to as “the Board's part”), and as to the other part a scheme for the benefit of all other persons who were entitled to benefit, or were in receipt of any benefit, under such non-exclusive scheme (in these regulations referred to as “the employer's part”) .

(2) As soon as practicable after the relevant date the funds, assets and liabilities as at that date of every non-exclusive scheme shall be apportioned between the Board's part and the employer's part. Any adjustment consequent on any person falling within sub-paragraph (a) or (b) of the said paragraph (1) subsequently to that date shall be made as soon as practicable thereafter. Every apportionment and adjustment as aforesaid shall, in default of agreement between the parties, be determined by an actuary appointed by the Minister.

(3) The part of such assets and funds as aforesaid apportioned (whether or not as the result of adjustment) to the Board's part shall, if vested in the employer, be transferred to the Board and if vested in trustees shall be transferred to the trustees of the Board's part appointed (or when appointed) as mentioned in the next following paragraph; and the part of such liabilities as aforesaid apportioned (whether or not as the result of adjustment) to the Board's part shall have effect as against the Board or, as the case may be, the trustees of the Board's part.

(4) In the case of any non-exclusive scheme which provides for the appointment of trustees or for the election or appointment of a committee, trustees of the Board's part shall be appointed or, as the case may be, a committee in respect of the Board's part shall be elected or appointed as soon as practicable after the relevant date in accordance with such provisions; the existing trustees or, as the case may be, committee shall, until such appointment or election, continue to act in respect of both the Board's part and the employer's part.

(5) Where any policy of assurance forms part of the assets of a non-exclusive scheme and the benefits and liabilities thereunder have been apportioned as aforesaid the assurer shall issue in substitution for such policy two policies to give effect to such apportionment as aforesaid, one in favour of the Board or, as the case may be, the trustees of the Board's part and the other in favour of the person or persons in whose favour the said policy stood at the date of such apportionment.

(6) The provisions of the last preceding regulation shall apply with requisite modifications to the Board's part of a non-exclusive scheme as they apply to an exclusive scheme.

(7) Any reference in a non-exclusive scheme to the employer ceasing to carry on business (whether or not for the purpose of reconstruction) or being wound up or going into liquidation or becoming bankrupt shall, in relation to the Board's part, cease to have effect.

(8) For the purposes of this regulation the expression “actuary” means a person who holds the diploma of Fellowship of the Institute of Actuaries or of the Faculty of Actuaries in Scotland.