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The Iron and Steel (Pension Schemes) (Transfer) Regulations 1972
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- UK Statutory Instruments
- 1972 No. 27
- Provisions of scheduled schemes
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Provisions of scheduled schemes
5.—(1) The provisions of a scheduled scheme which relate to eligibility for the payment of benefits and which provide for the payment of contributions shall continue in effect, except that all payments of benefits due under those provisions (including those outstanding immediately before 1st July 1970 in respect of the Schemes specified in Part 1 of the Schedule hereto, those outstanding immediately before 1st December 1970 in respect of the Schemes specified in Part 2 thereof, and those outstanding immediately before 1st January 1971 in respect of the Schemes specified in Part 3 thereof) shall be made by the trustees of the principal Scheme from the fund constituted by regulation 3 and all contributions due under those provisions (including those outstanding immediately before 1st July 1970 in respect of the Schemes specified in Part 1 of the Schedule hereto, those outstanding immediately before 1st December 1970 in respect of the Schemes specified in Part 2 thereof, and those outstanding immediately before 1st January 1971 in respect of the Schemes specified in Part 3 thereof), shall be made to the said trustees for payment into the said fund.
(2) Any power or discretion to pay a benefit conferred by the provisions of a scheduled scheme on any person shall be exercisable by the trustees of the principal scheme in place of the person invested with that power or discretion by the scheduled scheme.
(3) Any trustee of a scheduled scheme who would but for the operation of these regulations have been entitled to payment of a sum by way of an indemnity from the pension fund of that scheme shall be so entitled from the fund constituted by regulation 3, and the trustees of the principal scheme shall accordingly pay him that sum.
(4) Except as provided by this regulation the provisions of a scheduled scheme shall cease to have effect.
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