The Iron and Steel (Pension Schemes) Regulations 1967

4.—(1) The following provisions of this regulation shall apply to a pension scheme established or administered by a holding company not being a publicly-owned company for providing pensions exclusively to or in respect of persons who are or have been officers of a wholly owned subsidiary which comes into public ownership (hereinafter referred to as “a holding company's pension scheme”).

(2) As from the date when the subsidiary to which it relates comes into public ownership a holding company's pension scheme shall have effect as if references therein to the holding company were references to the Corporation.

(3) The provisions of regulation 3 hereof shall apply to a holding company's pension scheme as if references in those provisions to a publicly-owned company's pension scheme were references to a holding company's pension scheme.

(4) No amendment made by the provisions of this regulation shall affect any liability of the holding company which has accrued before the date when paragraph (2) hereof comes into operation and any such liability may be enforced as if such provision had not been made.