# The Iron and Steel (Pension Schemes) (Transfer) Regulations 1971, Regulation 5


(1) The provisions of a scheduled scheme which relate to eligibility for the payment of benefits and which provide for the payment of contributions shall continue in effect, except that all payments of benefits due under those provisions (including those outstanding immediately before 1st May 1970 in the case of the Schemes specified in Part 1 of the Schedule hereto and those outstanding immediately before 1st July 1970 in the case of the Schemes specified in Part 2 of that Schedule) shall be made by the trustees of the principal scheme from the fund constituted by regulation 3 and all contributions due under those provisions (including those outstanding immediately before 1st May 1970 in the case of the Schemes specified in Part 1 of the Schedule hereto and those outstanding immediately before 1st July 1970 in the case of the Schemes specified in Part 2 of that Schedule) shall be made to the said trustees for payment into the said fund.
(2) Any power or discretion to pay a benefit conferred by the provisions of a scheduled scheme on any person shall be exercisable by the trustees of the principal scheme in place of the person invested with that power or discretion by the scheduled scheme.
(3) Any trustee of a scheduled scheme who would but for the operation of these regulations have been entitled to payment of a sum by way of an indemnity from the pension fund of that scheme shall be so entitled from the fund constituted by regulation 3, and the trustees of the principal scheme shall accordingly pay him that sum.
(4) Except as provided by this regulation the provisions of a scheduled scheme shall cease to have effect.

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Source: https://www.legislation.gov.uk/uksi/1971/1358/regulation/5 (the official version)
Page: https://openlegislation.uk/iron-and-steel-pension-schemes-transfer-regulations-1971/regulation-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.