The Iron and Steel (Pension Schemes) Regulations 1967

Iron and Steel Board Pension Schemes

8.—(1) Subject to the provisions of the Act and to the modifications made by this regulation the following pension schemes shall continue in operation—

(a) the Iron and Steel Board Staff Life Assurance Scheme subsisting under a Deed dated 30th September 1954 and made between the Iron and Steel Board and the Midland Bank Executor and Trustee Company Limited, as amended by two Deeds dated 8th September 1964 and 14th January 1965 respectively and made between the said persons;

(b) the Iron and Steel Board Staff Superannuation Fund subsisting under a Deed dated 30th September 1954 and made between the Iron and Steel Board and the Midland Bank Executor and Trustee Company Limited, as amended by three Deeds dated 8th September 1964, 14th January 1965 and 13th April 1967 respectively and made between the said persons.

(2) In clause 2 of the Trust Deed dated 30th September 1954 relating to the said Staff Life Assurance Scheme the words “provided that the Board shall be at liberty at any time or times by notice in writing to the Committee to suspend the payment of such premiums to reduce the amount thereof or to terminate its liability for the payment thereof” shall be omitted, and in clause 15(1) of the said Trust Deed paragraph (A) shall be omitted.

(3) Clause 5(2), clause 20(1) (A) and clause 20(1)(B) of the Trust Deed dated 30th September 1954 relating to the said Staff Superannuation Fund shall be omitted.

(4) No persons shall be admitted to membership of either of the said schemes on or after the vesting date unless he was employed by the Board before the vesting date, on terms entitling or requiring him to become subject to the scheme in question on attaining a specified age or on the fulfilment of some other condition which he attains or which is fulfilled (as the case may be) on or after the vesting date.

(5) The said schemes shall not be amended on or after the vesting date except with the prior consent in writing of the Minister.