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The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008
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1. With effect from the segregation time the provisions of the pension scheme shall be modified so as to include a section (“the international section”) which is divided from the remainder of the pension scheme (“the remaining section”) such that—
(a)the only employer in the international section shall be Bradford & Bingley International;
(b)all members of the pension scheme who are in pensionable service with Bradford & Bingley International at the segregation time shall become members of the international section immediately following the segregation time;
(c)the contributions payable by Bradford & Bingley International and the members of the international section to the pension scheme shall be allocated to the international section; and
(d)the assets attributable to the international section cannot be used for the purposes of, or to meet any liabilities arising under, any other part of the pension scheme.
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