This Act shall be without prejudice to the operation of the Transfer of Undertakings (Protection of Employment Regulations) 1981 (S.I. 1981/1794) and shall not—
(a)apply to any contract of employment of any person with a transferor; or
(b)affect any rights or liabilities accrued or incurred by any person or body in connection with any such contract or the employment of any person by a transferor.