SCHEDULES

SCHEDULE 21Transfer schemes

PART 1Property, rights and liabilities of Financial Services Authority

Transfer schemes

5I1

A transfer scheme which relates to rights and liabilities under a contract of employment—

a

must provide for the transfer to which the scheme relates to be treated as if it were a relevant transfer for the purposes of the Transfer of Undertakings (Protection of Employment) Regulations 2006 (“TUPE”), but

b

may, in connection with functions becoming exercisable (alone or jointly) by the PRA—

i

provide for the transfer of rights and liabilities under a contract of employment to the Bank, and

ii

provide for TUPE to have effect as if the relevant transfer were a transfer to the Bank.