Article 4 Transfer of assets and liabilities

(1)

In consequence of the transfer of pension rights under article 3, on the transfer date—

(a)

all of the assets held by the trustees of the transferor schemes for the purposes of those schemes, except those assets held by the trustees of the 1974 Fund; and

(b)

subject to paragraph (3), all of the liabilities of the trustees under or in relation to each transferor scheme;

shall be transferred to the trustees of the transferee scheme and shall become assets of, or as the case may be, liabilities under or in relation to, the transferee scheme.

(2)

In consequence of the transfer of pension rights under article 3, on the transfer date the liability of any employer participating in a transferor scheme to pay contributions in respect of the transferring members shall be transferred to the employer participating in the transferee scheme.

(3)

Paragraph (1)(b) shall only transfer liabilities under or in relation to the 1974 Fund which relate to transferring members.