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The Iron and Steel (Pension Schemes) Regulations 1967

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Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol). This item of legislation is currently only available in its original format. The electronic version of this UK Statutory Instrument has been contributed by Westlaw and is taken from the printed publication. Read more

Publicly-owned company's pension scheme

3.—(1) Subject to the provisions of the Act and these regulations every publicly-owned company's pension scheme may continue in operation.

(2) An officer of a company which comes into public ownership on the vesting date and who is not subject on that date to that publicly-owned company's pension scheme shall not become so subject after the date on which a pension scheme approved by the Minister under regulation 2 hereof for or in relation to the publicly-owned company comes into operation or after the 28th July 1969 whichever date is the earlier; unless the officer aforesaid was employed before the vesting date on terms entitling or requiring him to become subject to that company's pension scheme on attaining a specified age or on the fulfilment of some other condition which he attains or which is fulfilled (as the case may be) on or after the vesting date.

(3) An officer of a publicly-owned company which comes into public ownership on a date after the vesting date and who is not subject on the first mentioned date to that company's pension scheme shall not become so subject after the date when a pension scheme approved by the Minister under regulation 2 hereof for or in relation to that company comes into operation or after 28th July 1969 whichever date is the earlier; unless he was employed before the date when the company came into public ownership on terms entitling or requiring him to become subject to that company's pension scheme on attaining a specified age or on the fulfilment of some other condition which he attains or which is fulfilled (as the case may be) on or after that earlier date.

(4) A publicly-owned company's scheme continued in operation under this regulation shall not be amended except with the prior consent in writing of the Minister.

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