The Iron and Steel (Pension Schemes) Regulations 1970
These regulations modify and supplement the Iron and Steel (Pension Schemes) Regulations 1967 (S.I. 1967/1082). The British Steel Corporation are empowered to establish or participate in any scheme approved by the Minister (regulation 3). New entrants may continue to be admitted to existing pension schemes of publicly-owned companies until a scheme approved by the Minister for which they are eligible comes into operation or until 28th July 1972 whichever is the earlier (regulation 4). Publicly-owned companies' schemes and the Iron and Steel Board schemes are amended so that persons transferring their services within the industry do not have to transfer to a new scheme. Both these schemes, and schemes approved by the Minister, are modified to allow employees who are appointed whole-time members of the Corporation to count their service as service for pension scheme purposes (regulation 5). The pension rights of former employees of the British Iron and Steel Federation who, on its dissolution, became employees of the Corporation are transferred to the publicly-owned companies' parts of the schemes listed in the schedule (regulation 6).