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Paragraph 3 of Schedule 5 to the Coal Industry Act 1994 provides that where under a restructuring scheme made under the Act a person other than the Coal Authority becomes the employer of a participant in an existing scheme in place of the British Coal Corporation or its wholly-owned subsidiary the participant is to have the option of becoming a participant in a new pension scheme which is established under and in accordance with regulations and satisfies the statutory requirements by reference to the existing scheme. Paragraph 3 of Schedule 5 to the 1994 Act specifies the provision which a new pension scheme must contain to satisfy the statutory requirements. Paragraph 3 of Schedule 5 to the 1994 Act provides for a similar option in respect of all other participants in an existing scheme who continue in their employment.
An existing scheme within the meaning of Schedule 5 to the 1994 Act is a pension scheme having effect by virtue of regulations made under section 37 of the Coal Industry Nationalisation Act 1946. The Mineworkers' Pension Scheme (MPS) is an existing scheme within that meaning.
These Regulations make provision for the establishment of such new pension scheme in the terms of a trust deed as set out in the Schedule to the Regulations which contains provision satisfying the statutory requirements by reference to the MPS as an existing scheme.
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