Effect of transfer schemeU.K.
6(1)Subject to the provisions of paragraph 7, on the effective date for a transfer scheme, all property, rights and liabilities—U.K.
(a)to which immediately before that day the supplier was entitled or subject; and
(b)which are allocated to a nominated associate by the transfer scheme,
shall become by virtue of this paragraph property, rights and liabilities of that associate.
(2)For the purposes of this Part of this Schedule, the “effective date”, in relation to a transfer scheme, is the day on which section 6(2) of the 1989 Act (as substituted by section 30 above) comes into force or such earlier day as the Secretary of State may direct for the purposes of the scheme.