The Iron and Steel (Pension Schemes) (Transfer) (No. 3) Regulations 1972

Transfer of Pension Funds of, and Policies of Assurance relating to, scheduled schemes

3.—(1) The pension fund of each of the scheduled schemes, and every right of trustees of a scheduled scheme to receive moneys on the occurrence of certain events by virtue of a policy of assurance held for the purposes of that scheme together with every obligation of the trustees under that policy, shall on these regulations coming into operation be transferred by virtue of these regulations and without further assurance to the trustees of the principal scheme.

(2) The pension funds aforesaid and the moneys received in respect of the said rights together with the pension fund constituted under the principal scheme shall be invested and managed as one fund in accordance with the provisions of the principal scheme relating to the investment and management of the pension fund established under the principal scheme.

4.—(1) A certificate, signed by a trustee of the principal scheme and by any person in whom the pension fund or any part thereof or a right as aforesaid transferred by these regulations was vested, that the pension fund or that part or that right was so transferred, or a copy of the said certificate certified by a trustee of the principal scheme to be a true copy thereof, shall be received by all persons responsible for the registration or inscription of the title to the pension fund or that part thereof or by the assurers, as the case may be, as evidence that it was transferred as aforesaid.

(2) Every person in whom was vested the pension fund or any part thereof or a right transferred as aforesaid shall do all things necessary, or which the trustees of the principal scheme may require to be done, for the purpose of ensuring—

(a)the due registration or inscription of the title of the trustees of the principal scheme to the pension fund or transfer of the right, as the case may be;

(b)the delivery to the said trustees of any document constituting evidence of the said registration, inscription or transfer; and

(c)the receipt by the said trustees of all dividends, or interest in respect of the pension fund so transferred due for payment after the date of the coming into operation of these regulations.