The Social Security (Mariners—Transitional Provisions) Regulations 1975
Regulation 6(2) of the National Insurance (Mariners) Regulations 1967 provided for employers' contributions in respect of mariners employed on board British ships who neither are domiciled nor have places of residence in the United Kingdom to be applied partly towards the formation of a reserve for the purpose of liabilities arising by virtue of any Order in Council giving effect to any reciprocal agreement made under section 105 of the National Insurance Act 1965. Regulation 2 of these regulations provides for this reserve to be wound up and for two thirds of it to be paid to The Merchant Navy Welfare Board and one third to The Royal Seamen's Pension Fund.