4(1)It is hereby declared for the avoidance of doubt that—U.K.
(a)the effect of section 1 of this Act in relation to any contract of employment with the Corporation or Board in force immediately before the appointed day is merely to modify the contract (as from that day) by substituting the successor company as the employer (and not to terminate the contract or vary it in any other way); and
(b)that section is effective to vest the rights and liabilities of the Corporation or Board under any agreement or arrangement for the payment of pensions, allowances or gratuities in the successor company along with all other rights and liabilities of the Corporation or Board.
(2)Accordingly, for the purposes of any such agreement or arrangement as it has effect as from the appointed day—
(a)any period of employment with, or with a subsidiary of, the Corporation or Board, and
(b)any period of employment which would, immediately before that day, have been treated as such employment for the purposes of any such agreement or arrangement,
shall count as employment with, or with that subsidiary of, the successor company.
Commencement Information
I1Sch. 1 para. 4 wholly in force at 6.1.1992 see ss. 1(1), 18(2) and S.I. 1991/2721, art. 2