# The Iron and Steel (Pension Schemes) Regulations 1967, Regulation 7


(1) Where the pension scheme is administered by the other employer the following provisions of this regulation shall have effect.
(2) The part of such assets and funds as aforesaid apportioned to the publicly-owned company's part shall, if vested in the other employer, be transferred to the publicly-owned company and if vested in trustees shall be transferred to the trustees of the publicly-owned company's part appointed (or when appointed) as mentioned in paragraph (3) hereof and the part of such liabilities as aforesaid apportioned to the publicly-owned company's part shall have effect as against the publicly-owned company or (as the case may be) the trustees of the publicly-owned company's part.
(3) If the scheme provides for the appointment of trustees or for the election or appointment of a committee, trustees of the publicly-owned company's part shall be appointed or (as the case may be) a committee in respect of that company's part shall be elected or appointed as soon as practicable after the date when the company came into public ownership in accordance with such provisions; the existing trustees or (as the case may be) the committee shall, until such appointment or election, continue to act in respect of both the publicly-owned company's part and the other employer's part.
(4) Where any policy of assurance forms part of the assets of the scheme and the benefits and liabilities thereunder have been apportioned as aforesaid the assurer shall amend the policy so that it will relate solely to the benefits and liabilities apportioned to the other employer's part and shall issue in favour of the publicly-owned company or of the trustees of the publicly-owned company's part (as the case may be) another policy to provide for the benefits and liabilities apportioned to the publicly-owned company's part.
(5) In relation to the publicly-owned company's part references in the provisions of the divided pension scheme shall have effect as if references to the publicly-owned company were substituted for references to the other employer.
(6) No amendment made by the provisions of this regulation shall affect any liability of the other employer which has accrued before the date when the publicly-owned company came into public ownership, and any such liability may be enforced as if such provisions had not been made.

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Source: https://www.legislation.gov.uk/uksi/1967/1082/regulation/7 (the official version)
Page: https://openlegislation.uk/iron-and-steel-pension-schemes-regulations-1967/regulation-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.