Article 5 Alterations in the terms of certain schemes for providing pensions
This Article shall apply to the pension schemes listed in Schedule 1 to this Order.
A person who becomes a member of the New Fund on or after the 14th May 1971 shall be ineligible for admission to a pension scheme to which this Article applies.
Where a member of a pension scheme to which this Article applies becomes a member of the New Fund on or after the 14th May 1971, the following provisions shall have effect:—
upon the date of his admission to membership of the New Fund he shall cease to be a member of that pension scheme, and (except as hereinafter provided) his liability (if any) to pay contributions to, and his right to receive benefit from, that scheme shall cease; and
as soon as may be after that date the persons administering that pension scheme shall pay to the New Fund an appropriate transfer value in respect of the accrued pension rights of that member in that scheme.
Where under the foregoing provisions of this Article a person who has a right of re-admission to a pension scheme to which this Article applies becomes ineligible for membership thereof, that right of re-admission shall terminate.