Explanatory note

These Regulations provide for the winding up of 44 pension schemes most of which were established by authorised undertakers, power station companies or electricity holding companies prior to vesting day, 1st April 1948, under the Electricity Act 1947 to provide pension benefits for their employees.

Assets and outstanding liabilities of these schemes pass to the Trustees of the Electricity Supply Pension Scheme which is an existing scheme providing pension benefits for most employees of the electricity supply industry. The Regulations provide that members of the old schemes will become special members of the Electricity Supply Pension Scheme, and their existing pension benefits will be maintained.

The Regulations provide for an actuarial valuation of all assets and liabilities of each old scheme and for each Electricity Board which presently funds the liabilities out of revenue to make a capital payment to the Trustees of the Electricity Supply Pension Scheme in respect of any deficit shown by the valuation.

Certain requirements are specified in the Regulations for the effective registration of the title to the property being transferred. Provision is also made for accounts of the old schemes up to the date of transfer to be audited, or certified.