Explanatory note

These Regulations provide for the transfer to the trustees of the British Steel Corporation Manual Grades Superannuation Scheme of the assets and liabilities of those pension schemes listed in the Schedule.

All the pension funds relating to the scheduled schemes, and the rights of the trustees to receive payments under assurance policies held for the purposes of the schemes, are to be transferred to the trustees of the Corporation's scheme and the pension funds 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 the transfers and all documents relating to the scheduled schemes are to be delivered to the trustees of the Corporation's scheme (regulation 4). The provisions of the scheduled schemes which relate to eligibility for the payment of benefits and contributions are, with the exceptions specified, to continue to have effect from 1st January 1973 but the other provisions are to cease to have effect from that date (regulation 5).