2 Transfer of superannuation funds maintained by the Severn-Trent Water Authority
1 In this regulation–
(a) “the old main fund” means the superannuation fund which the Severn-Trent Water Authority became required to maintain by virtue of regulation 5 of the Local Government Superannuation (National Water Council Dissolution) Regulations 1983 (“the dissolution Regulations”);
“the old second fund” means the superannuation fund which the Severn-Trent Water Authority became required to maintain by virtue of regulation 3 of the dissolution Regulations;
S.I.1983/1271.
(b) “new fund” means a superannuation fund which the National Rivers Authority are required to maintain under regulation P1(1) of the principal Regulations (as amended by regulation 9(a) of these Regulations);
“the new main fund” means the new fund to which the old main fund is transferred by paragraph (2)(a) below;
“the new second fund” means the new fund to which the old second fund is transferred by paragraph (2)(b) below;
(c) (i) any reference to an old fund shall be construed as a reference to the old main fund or the old second fund, as the case may be, and
(ii) in relation to an old fund, any reference to the appropriate new fund shall be construed as a reference to the new fund to which that old fund is transferred by paragraph (2) below.
2 (a) The old main fund shall vest in the National Rivers Authority, and shall become the new main fund;
(b) the old second fund shall vest in the National Rivers Authority, and shall become the new second fund.
3 All rights and liabilities of the Severn-Trent Water Authority in respect of an old fund shall vest in the National Rivers Authority in respect of the appropriate new fund.
4 Any liability of any body or person to make payments into an old fund shall become a liability to make payments into the appropriate new fund.
5 Subject to paragraph (6) below, all contracts, deeds, bonds, agreements and other instruments subsisting in favour of, or against, and all notices in force which were given by or to the Severn-Trent Water Authority or any other body on their behalf for the purposes of an old fund shall be of full force and effect in favour of, or against, the National Rivers Authority.
6 Any admission agreement made under regulation B3 of the principal Regulations (or continued in force by paragraph (9) of that Regulation as if so made) whereby employees of any body are, or can be, admitted to participate in the benefits of the old second fund shall, without prejudice to any rights or liabilities arising in respect of service by any such employees before 1st September 1989, cease to have effect.
7 Any action or proceeding or cause of action or proceeding pending or existing immediately before 1st September 1989 by or against the Severn-Trent Water Authority in respect of an old fund shall be of full force and effect in favour of, or against, the National Rivers Authority.
8 Where the Severn-Trent Water Authority would have become liable, or would have been empowered, on the happening of any event, to make a payment out of an old fund or to take any other action as administering authority in respect of any person who has ceased to participate in the benefits of an old fund before 1st September 1989, then on the happening of any such event such payment or action shall, or as the case may be, may be made out of the appropriate new fund or taken by the National Rivers Authority.
9 Where a person has ceased to contribute to an old fund before 1st September 1989 and has not become a contributor to any other superannuation fund maintained under the principal Regulations, the appropriate new fund shall after 31st August 1989 be deemed to be the fund to which he was last a contributor.
10 All legal proceedings pending on 1st September 1989 may be amended in such manner as may be necessary or proper in consequence of these Regulations.
11 Notwithstanding regulation P5 of the principal Regulations (periodical valuation of superannuation fund), the Severn-Trent Water Authority shall not be required to obtain an actuarial valuation of the assets and liabilities of an old fund as at 31st March 1989.
12 In its application to the new funds Part P of the principal Regulations shall have effect subject to the modifications set out in the Schedule to these Regulations.
13 Any expenses incurred by the Severn-Trent Water Authority in respect of an old fund in consequence of this regulation shall be paid out of the appropriate new fund.