The Coal Industry (Superannuation Scheme) (Winding Up, No. 3) Regulations 1951

EXPLANATORY NOTE

These regulations provide for the winding up of certain schemes or parts of schemes (listed in the schedule to the regulations) which were established before the vesting date under the Coal Industry Nationalisation Act, 1946, and provided superannuation benefits for employees of colliery concerns and other undertakings. The members whom they covered are identified in reg. 1, and are those referred to in sec. 4(2) of the Coal Industry Act, 1949. Where such persons were the only persons covered by a particular scheme, the regulations apply to the whole scheme. Where a particular scheme covered other persons as well, that scheme was required to be split under the appropriate regulations made by the Minister of Fuel and Power under the Coal Industry Nationalisation Act, 1946; and only the part dealing with the persons described in reg. 1 is affected by these regulations.

All the schemes were maintained through group policies issued by an insurance company. For four of the schemes, there are trustees who conduct all dealings with the National Coal Board, the members and the persons drawing benefit, and who are themselves the holders of the policies. Under the others, the National Coal Board are the holders of the policies, and they pay any premiums due to the insurance company, while the insurance company pay benefits direct to the beneficiaries. All the members of the schemes who are still in active employment have, by agreement between the Board and the insurance company, transferred to the National Coal Board's principal superannuation scheme.

The regulations provide for all the schemes to be wound up, with a saving provision to keep alive so much of each of them as relates to existing pensioners and beneficiaries; in each of the trustee schemes, the trustees of the National Coal Board's principal scheme are to take the place of the existing trustees.