3.—(1) The following provisions of this regulation shall apply to any pension scheme for providing pensions to or in respect of employees or past employees of a company which has become a wholly owned subsidiary of the Corporation.
(2) For the purposes of any pension scheme to which this regulation applies—
(a)the service of any person as a full-time member of the Corporation, being a person who was subject to such a scheme when he became such a member, may be treated as if it were service as an employee of the Corporation; and
(b)the service of any person as an employee of the Corporation or of a wholly owned subsidiary of the Corporation may be treated as if it were service as an employee of a wholly owned subsidiary of the Corporation which he previously served as an employee.
(3) Where a pension scheme to which this regulation applies provides that any description of benefit may, or may in particular circumstances, be conferred on a person only at the request or with the consent of the wholly owned subsidiary concerned, or the Corporation as the case may be, no such request shall be entertained or consent given in the case of a benefit for or in respect of a member of the Corporation without the prior approval of the Minister for the Civil Service and the Secretary of State.