Explanatory note

These Regulations provide for the winding up of the Electricity Supply (Scientists) Superannuation Scheme which provided pension benefits for scientists employed by Electricity Boards.

Assets and outstanding liabilities of the scheme 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 scheme 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 the scheme and for each Electricity Board which presently is responsible for the liabilities 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.