Explanatory note

These regulations provide for the transfer to the trustees of the British Steel Corporation Staff Superannuation Scheme of the assets and liabilities of the Iron and Steel Board Staff Superannuation Fund and Life Assurance Scheme.

The fund of the Iron and Steel Board scheme, and the rights of the trustees to receive payments under assurance policies held for the purposes of the scheme, are to be transferred to the trustees of the Corporation's scheme and the pension fund and moneys received under those policies, together with the Corporation's scheme pension fund, are to be administered as one fund (regulation 3). Transfer certificates are to be given to those responsible for effecting those transfers and all documents relating to the Iron and Steel Board scheme are to be delivered to the trustees of the Corporation's scheme (regulation 4). The provisions of the Iron and Steel Board scheme which relate to eligibility for benefits and to contributions are, with the exceptions specified, to continue to have effect from 1st April 1971 but the other provisions are to cease to have effect from that date (regulation 5). A member of the Iron and Steel Board scheme may elect to receive benefits provided under the Corporation's scheme instead of those provided under his old scheme. The trustees of the Corporation's scheme are required to ensure that no person other than the member making such an election is placed in a worse position as a result of that election (regulation 6).