The Industry-Wide Coal Staff Superannuation Scheme Regulations 1994
Paragraph 3 of Schedule 5 to the Coal Industry Act 1994 provides that where under a restructuring scheme made under the Act a person other than the Coal Authority becomes the employer of a participant in an existing scheme in place of the British Coal Corporation or its wholly-owned subsidiary the participant is to have the option of becoming a participant in a new pension scheme which is established under and in accordance with regulations and satisfies the statutory requirements by reference to the existing scheme. Paragraph 3 of Schedule 5 to the 1994 Act specifies the provision which a new pension scheme must contain to satisfy the statutory requirements. Paragraph 3 of Schedule 5 to the 1994 Act provides for a similar option in respect of all other participants in an existing scheme who continue in their employment.