The Iron and Steel (Pension Schemes) Regulations 1967

5.—(1) A pension scheme which relates partly but not exclusively to persons who are or have been officers of a company which comes into public ownership (hereinafter referred to as “a divided pension scheme”) shall be deemed as from the date when that company comes into public ownership in all respects to be, and shall be administered as, two separate pension schemes, being as to one part a scheme for providing pension to or in respect of persons first described in this paragraph (hereinafter referred to as “the publicly-owned company's part”), and as to the other part a scheme for providing pensions to all other persons entitled to benefit under such divided pension scheme (hereinafter referred to as “the other employer's part”).

(2) As soon as practicable after the date when the company comes into public ownership the funds, assets and liabilities as at that date of every divided pension scheme shall be apportioned between the publicly-owned company's part and the other employer's part, and every such apportionment shall, in default of agreement between the parties, be determined by an actuary appointed by the Minister.

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

(4) 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.