ELECTRICITY Citation and Commencement 1 These Regulations may be cited as the Electricity (Miscellaneous Pension Schemes) (Winding Up) Regulations 1988 and shall come into force on 30th September 1988. Application 2 These Regulations shall apply to the pension schemes specified in column 1 of the Schedule to these Regulations. Interpretation 3 In these Regulations the following expressions have the meanings hereby assigned to them respectively— “Electricity Board” includes the Electricity Council; “old scheme” means any pension scheme specified in column 1 of the Schedule; “the Pension Scheme” means the Electricity Supply Pension Scheme established by Resolution of the Electricity Council dated 20th January 1983; “relevant Board” means, in respect of each old scheme specified in column 1 of the Schedule, the Electricity Board specified in column 2 of the Schedule for that scheme; “relevant person” means, in respect of an old scheme, any person duly authorised in accordance with that scheme to administer that scheme or, if none, the relevant board; “the Trustees” means the Trustees of the Pension Scheme appointed and elected in accordance with the provisions of the Pension Scheme. Transfer of Property and Rights 4 1 Subject to the provisions of this and the next following regulation, all property and rights of every type and description vested at the coming into force of these Regulations in any person other than as a nominee or custodian trustee being property or rights available for the purposes of any old scheme are hereby transferred without further assurance to the Trustees. 2 A certificate, signed by the relevant person and by any person in whom any property or right transferred by virtue of this regulation was vested immediately before these Regulations came into force, that the property or right was so transferred, or a copy of such certificate certified by the relevant person to be a true copy thereof, shall be sufficient evidence that the property or right was transferred as aforesaid. 3 In the case of any property or right vested in two or more persons jointly, a certificate for the purposes of the last foregoing paragraph signed by any one of those persons on behalf of them all shall be sufficient. 4 Every person in whom any property or right transferred as aforesaid was vested immediately before these Regulations came into force shall do all such things as are necessary, or as the Trustees may reasonably require to be done, for the purpose of ensuring— a the due registration of the title of the Trustees to such property; b the delivery to the Trustees of any document constituting evidence of the said registration; c the performance for the benefit of the Trustees of all obligations due in respect of such right; and d the receipt by the Trustees of all dividends, rent, interest or other sums in respect of such property or right due for payment after these Regulations come into force. Transfer of Liabilities 5 1 Subject to the provisions of the next following paragraph, every liability or obligation outstanding immediately before the coming into force of these Regulations and incurred by any relevant person or other person on behalf of or for the purposes of an old scheme shall be liabilities or obligations of the Trustees to the exclusion of that person: Provided that nothing in this paragraph shall relieve any relevant person or other person from any liability for any breach of trust or duty, except in so far as under the provisions of the old scheme he would, but for the operation of these Regulations, have been entitled to an indemnity in respect thereof from assets available for the purposes of the old scheme. 2 The exclusion of each relevant person or other person to whom the foregoing paragraph applies from liability as aforesaid shall, without prejudice to the vesting in the Trustees of the liability in question, take effect only after signature and delivery of all certificates required to be made for the due registration of the title of the Trustees to all property and rights transferred with respect to the old scheme by virtue of the last foregoing regulation and after the adoption of the accounts for that scheme by the Trustees. Valuation of accrued pension rights 6 1 The Trustees shall cause an actuarial valuation to be prepared by the actuary of the Pension Scheme of the accrued pension rights of pensioners, members, dependants and other beneficiaries of each old scheme and the property and rights transferred under regulation 4 as at the coming into force of these Regulations, using actuarial assumptions identical to those adopted for the valuation of the Pension Scheme immediately preceding the valuation required by this regulation and, in respect of any old scheme having more than one relevant Board, showing separately the value of— a the accrued pension rights of that scheme for which each relevant Board is responsible; and b any property or rights apportioned in the ratio which the accrued pension rights for which each relevant Board is responsible bear to the aggregate accrued pension rights in respect of that scheme. 2 For the purpose of this regulation, “accrued pension rights” shall mean— a all rights in respect of pensions under the old scheme (relating, in the case of members in service whose pension rights are still accruing, to rights in respect of pensionable service up to the date these Regulations come into force but taking into account, where appropriate, assumed future salary increases); b all additional rights calculated by reference to the rights accruing under sub-paragraph (a) and arising from a customary or express obligation undertaken by the relevant Board, other than annual payments arising in connection with the termination of employment of any person due to reorganisation or redundancy (including any increase in such payments); and c all additional rights which would arise for the benefit of pensioners, members, dependants and other beneficiaries of the old scheme if that scheme had contained the obligations referred to in sub-paragraph (b) and a provision having the same effect as Rule 26 of the Pension Scheme, whether payments in respect of such rights are being made or are prospectively or contingently payable and includes any lump sums payable on retirement or death. 3 The Trustees shall deliver to the relevant Board and the relevant person a copy of the valuation prepared for the purposes of paragraph (1) and a statement specifying the amount (if any) by which the value of the accrued pension rights and any other liabilities or obligations exceeds the value of the property and rights transferred under regulation 4. 4 Within 60 days of the delivery of the statement under the preceding paragraph the relevant Board shall pay to the Trustees the amount specified in the statement. Application of Funds 7 The Trustees shall not cause or allow the disposal of any property or right transferred or payment received by virtue of the foregoing regulations or the application of any such property or right or payment otherwise than— a for the discharge of any liability or obligation or the payment of any expense imposed upon them by these Regulations; or b in accordance with the provisions of the Pension Scheme. Winding Up 8 1 Each old scheme shall cease to have effect on the date when these Regulations come into force: Provided that— a the proviso to paragraph (1) of regulation 5 shall apply in relation to this paragraph as it applies in relation to that paragraph; and b nothing in this paragraph shall affect the operation of paragraph (2) of regulation 5. 2 In respect of any old scheme having property and rights (other than only a right to receive any payments from the relevant Board or a life assurance policy) which are transferred to the Trustees under regulation 4, the Trustees shall cause accounts to be prepared (in the form normally used for the accounts of the old scheme) for the period beginning at the date to which the last audited accounts for the old scheme were made up and ending on the date when these Regulations come into force, accounting for all sums received and expended for the purposes of the old scheme during that period, and shall cause the said accounts to be audited by the auditor by whom the accounts of the old scheme were audited, or, if that person is unable or unwilling to act, by the auditor of the Pension Scheme: Provided that if no audited accounts have previously been prepared for an old scheme the relevant person shall— a cause unaudited accounts to be prepared for the period from the date to which the latest accounts have been made up and ending on the date when these Regulations come into force; and b certify that to the best of his knowledge information and belief the information contained in those accounts is correct. Transfer of Members 9 Every person who was— a a member of an old scheme; b in receipt of a pension under an old scheme; or c prospectively entitled to a pension under an old scheme as an employee or former employee of a relevant Board, shall, subject to the Rules of the Pension Scheme, become a Special Member of the Pension Scheme. Cecil Parkinson Secretary of State for Energy Dated 20th July 1988 Malcolm Rifkind Secretary of State for Scotland Dated 21st July 1988