(1) This regulation applies if—
(a)the employment of one or more persons (“the transferred employees”) is transferred without their consent to a new employer,
(b)on that transfer the transferred employees cease to be active members of an occupational pension scheme (“the former employer’s scheme”),
(c)after that transfer the transferred employees become active members of [F1this Section of] the Scheme,
(d)the Secretary of State has agreed special terms for the acceptance of transfer value payments in respect of the transferred employees from the former employer’s scheme, after consulting the Scheme actuary, and
(e)the transferred employees have consented in writing to their rights being transferred in accordance with those terms.
(2) [F1This Section of] the Scheme has effect with such modifications as are necessary to give effect to the terms mentioned in paragraph (1)(e).
(3) If the transfer is directly or indirectly attributable to an enactment, [F1this Section of] the Scheme has effect with such modifications as the Secretary of State considers necessary in consequence of the transfer.
Textual Amendments