Regulation 2 Transferred superannuation funds

Every superannuation fund vested by section 60(1) of the Local Government Act 1985 in a residuary body or under section 66 of that Act in a district council (each of which is referred to in this regulation as an “old fund”) shall be carried by the body in whom it is vested (“the new authority”) to the fund which they are required to maintain under the principal regulations (“the new fund”).

All contracts, deeds, bonds, agreements and other instruments subsisting in favour of, or against, and all notices in force which were given by or to the Greater London Council or a metropolitan county council (or any other body on their behalf) for the purposes of an old fund shall be of full force and effect in favour of, or against, the new authority.

Without prejudice to the generality of paragraph (2), any admission agreement in force immediately before 1st April 1986 whereby employees of any body specified in regulation B3(8) of the principal regulations (or deemed to be such a body) were, or could be, admitted to participate in the benefits of an old fund shall have effect as an agreement under regulation B3 of the principal regulations between the body and the new authority.

Any action or proceeding or course of action or proceeding pending or existing immediately before 1st April 1986 by or against the Greater London Council or a metropolitan county council in respect of an old fund shall be of full force and effect in favour of, or against, the new authority.

Where the Greater London Council or a metropolitan county council would have become liable, or would have been empowered, on the happening of any event, to make a payment out of an old fund or take any other action as administering authority in respect of any person who has ceased to participate in the benefits of an old fund before 1st April 1986, then on the happening of that event such payment or action shall, or as the case may be may, be made out of the new fund or taken by the new authority.

Where a person has ceased to contribute to an old fund before 1st April 1986 and has not become a contributor to any other superannuation fund maintained under the principal regulations, the new fund shall after 31st March 1986 be deemed to be the fund to which he was last a contributor.

All legal proceedings pending on 1st April 1986 may be amended in such manner as may be necessary or proper in consequence of these regulations.