The Industry-Wide Mineworkers' Pension Scheme Regulations 1994

Made: 22nd November 1994

Laid before Parliament: 24th November 1994

Coming into force: 15th December 1994

The Secretary of State, in exercise of the powers conferred on him by section 22 of, and paragraph 3(1) and (6) and paragraph 5(1) and (2) of Schedule 5 to, the Coal Industry Act 1994[^f00001] and of all other enabling powers, hereby makes the following Regulations—

Citation and Commencement

1

These Regulations may be cited as the Industry-Wide Mineworkers' Pension Scheme Regulations 1994 and shall come into force on 15th December 1994.

Interpretation

2

In these Regulations

• “the 1994 Act” means the Coal Industry Act 1994;

• “the Scheme” means the Mineworkers' Pension Scheme which was established under the Coal Industry Nationalisation (Superannuation) Regulations 1950[^f00002] made under section 37 of the Coal Industry Nationalisation Act 1946[^f00003] on 1st January 1952 by a resolution of 25th October 1951 of the National Coal Board and which was amended by subsequent resolutions of that Board the name of which was changed to the British Coal Corporation by section 1(1) of the Coal Industry Act 1987[^f00004];

• “the Co-ordinator” means Industry-Wide Mineworkers' Pension Scheme Co-ordinator Limited.

Establishment of new pension scheme

3

The Co-ordinator shall establish by means of a trust deed entered into between the Co-ordinator and Industry-Wide Mineworkers' Pension Scheme Trustees Limited a pension scheme in which participants in the Scheme, being an existing scheme within the meaning of Schedule 5 to the 1994 Act, are able to participate in accordance with the provisions of paragraph 3 of Schedule 5 to the 1994 Act.

Provisions of new pension scheme

4

The pension scheme required by regulation 3 above to be established shall be in the terms of a trust deed as set out in the Schedule to these Regulations which contains provision as specified in paragraph 3(6) of Schedule 5 to the 1994 Act satisfying the statutory requirements by reference to the Scheme as an existing scheme within the meaning of Schedule 5 to the 1994 Act.

THE SCHEDULE — Terms of trust deed

Signed

Tim Eggar — Minister for Industry and Energy, — 22nd November 1994

Explanatory note

(This note is not part of the Regulations)

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.

An existing scheme within the meaning of Schedule 5 to the 1994 Act is a pension scheme having effect by virtue of regulations made under section 37 of the Coal Industry Nationalisation Act 1946. The Mineworkers' Pension Scheme (MPS) is an existing scheme within that meaning.

These Regulations make provision for the establishment of such new pension scheme in the terms of a trust deed as set out in the Schedule to the Regulations which contains provision satisfying the statutory requirements by reference to the MPS as an existing scheme.

Footnotes

[^f00001]: 1994 c. 21.

[^f00002]: S.R.&O. 1950/376.

[^f00003]: 1946 c. 59.

[^f00004]: 1987 c. 3.

[^f01000]: (Where Fluctuating Emoluments have not been paid for the full three years, they should be averaged over the period from the commencement of their entitlement to payment (or the beginning of the three year period, if later) to the end of the relevant basic pay year. Where, however, it is proposed to include in Final Remuneration a Fluctuating Emolument which was payable in a single year only the agreement of the Pension Schemes Office must be sought.)