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The Iron and Steel (Pension Schemes) (Transfer) Regulations 1972
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- UK Statutory Instruments
- 1972 No. 27
- Elections under principal scheme
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Elections under principal scheme
6.—(1) This regulation applies to an election made by a member of a scheduled scheme under a provision of the principal scheme to receive benefits provided for in the principal scheme instead of benefits provided for in the scheduled scheme.
(2) The trustees of the principal scheme shall ensure that an election to which this regulation applies shall not operate so as to place any person (other than the person exercising the election) having pension rights under the scheduled scheme in any worse position by reason of the exercise of the election, and the said trustees shall make such payments to that person as may be necessary to secure that result.
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