Citation, interpretation and commencement

1. These rules, which may be cited as the National Insurance and Civil Service (Superannuation) Amendment Rules 1965, shall be read as one with the National Insurance and Civil Service (Superannuation) Rules 1948(1) (hereinafter referred to as "the principal rules") and shall come into operation on 31st May 1965.

Amendment of Rule 15 of the principal rules

2. Rule 15 of the principal rules (transfer of funds, assets and liabilities etc.) shall be amended by inserting at the beginning of rule 15(3) the words "Subject to rule 15A".

Winding up of Existing Pensioners Fund

3.-(1) The National Insurance (Existing Pensioners) Fund (hereinafter in this rule referred to as "the Fund"), established by Schedule 4 to the principal rules, shall be wound up on 30th June 1965, and accordingly rule 15(4) of, and Schedule 4 to, the principal rules shall, as from that date, cease to have effect.

(2) On 30th June 1965 all sums standing to the credit of the Fund at that date shall be paid into the Exchequer, and all other assets not realised and transferred to the Exchequer before that date shall then be realised and so transferred.

(3) Any sums received after 30th June 1965 which but for the provisions of this rule, would have been credited to the Fund, shall be paid forthwith into the Exchequer.

Provision added to the principal rules

4. After rule 15 of the principal rules there shall be inserted the following rule:-

"Former liabilities of Existing Pensioners Fund to be met by payment out of monies provided by Parliament

15A. Any liabilities accrued or accruing on or after 30th June 1965 to which the Fund mentioned in rule 3 of the National Insurance and Civil Service (Superannuation) Amendment Rules 1965(2) would have been applicable but for that rule shall be met by payment out of monies provided by Parliament."

EXPLANATORY NOTE

These Rules amend the National Insurance and Civil Service (Superannuation) Rules 1948 and provide that the National Insurance (Existing Pensioners) Fund shall be wound up. The assets of the Fund are to be paid into the Exchequer and its liabilities met by monies provided by Parliament.