Steel Industry (Nationalisation) Act 2026
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Change 1
44 Pensions
(1) Share transfer regulations or property transfer regulations may make provision— (a) about the consequences of a transfer for a pension scheme; (b) about property, rights and liabilities of any pension scheme of the steel undertaking to which the regulations relate. (2) In particular, such regulations may— (a) modify any rights and liabilities; (b) apportion rights and liabilities; (c) transfer property of, or accrued rights in, one pension scheme to another (with or without consent). (3) Provision by virtue of this section may (but need not) amend the terms of a pension scheme. (4) In this section— (a) “pension scheme” includes any arrangement for the payment of pensions, allowances and gratuities, and (b) a reference to a pension scheme of a steel undertaking is a reference to a scheme in respect of which the steel undertaking, or a group company of the steel undertaking, is or was an employer. (5) In subsection (4)(b), the reference to a group company of a steel undertaking is a reference to anything that is or was a group undertaking in relation to the steel undertaking within the meaning given by section 1161(5) of the Companies Act 2006.
44 Pensions
(1) Share transfer regulations or property transfer regulations may make provision— (a) about the consequences of a transfer for a pension scheme; (b) about property, rights and liabilities of any pension scheme of the steel undertaking to which the regulations relate. (2) In particular, such regulations may— (a) modify any rights and liabilities; (b) apportion rights and liabilities; (c) transfer property of, or accrued rights in, one pension scheme to another (with or without consent). (3) Provision by virtue of this section may (but need not) amend the terms of a pension scheme. (4) In this section— (a) “pension scheme” includes any arrangement for the payment of pensions, allowances and gratuities, and (b) a reference to a pension scheme of a steel undertaking is a reference to a scheme in respect of which the steel undertaking, or a group company of the steel undertaking, is or was an employer. (5) In subsection (4)(b), the reference to a group company of a steel undertaking is a reference to anything that is or was a group undertaking in relation to the steel undertaking within the meaning given by section 1161(5) of the Companies Act 2006.
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