The Iron and Steel (Pension Schemes) (Transfer) Regulations 1972

Citation and commencement

1.—(1) These regulations may be cited as the Iron and Steel (Pension Schemes) (Transfer) Regulations 1972, shall come into operation on 21st February 1972 and, subject to paragraph (2) hereof, shall have effect from that date.

(2) Regulation 5 shall have effect from 1st July 1970 in respect of the Schemes specified in Part I of the Schedule hereto, from 1st December 1970 in respect of the Schemes specified in Part 2 thereof, and from 1st January 1971 in respect of the Schemes specified in Part 3 thereof.

2.—(1) In these regulations—

“pension” has the meaning assigned thereto by the Iron and Steel Act 1949;

“pension fund” in relation to a scheduled scheme means all investments and moneys which, or the income from which, can be applied at the date of the coming into operation of these regulations for the purposes of paying pensions;

“pension rights” has the meaning assigned thereto by the Iron and Steel Act 1949;

“the principal scheme” means the British Steel Corporation Staff Superannuation Scheme approved by the Minister of Power on 7th July 1969;

“scheduled scheme” means a pension scheme specified in the Schedule hereto.

(2) The Interpretation Act 1889 shall apply to the interpretation of these regulations as it applies to the interpretation of an Act of Parliament.