Paragraph 5

(1)

Subject to sub-paragraph (3), this sub-paragraph applies to—

(a)

any existing employee who, immediately before the transfer date, is a participant in the scheme;

(b)

any existing employee who, after that date, participates in a relevant scheme within 3 months of his attaining the minimum age for such participation; and

(c)

any former participant who, after that date, participates in or acquires pension rights under a relevant scheme in such circumstances as may be prescribed by regulations under paragraph 4.

(2)

Subject to sub-paragraph (3), this sub-paragraph applies to—

(a)

any person not falling within sub paragraph (1)(c) who, immediately before the transfer date, is not a participant in the scheme but has pension rights under the scheme; and

(b)

any person who, after that date, acquires pension rights under a relevant scheme by reason of the death of a person falling within sub-paragraph (1) or head (a),

but only as respects the pension rights by virtue of which he falls within head (a) or (b).

(3)

Any person to whom sub-paragraph (1) or (2) applies may elect in such manner as may be prescribed by regulations under paragraph 4 that that sub-paragraph shall cease to apply to him; and if any person to whom sub-paragraph (1) applies—

(a)

ceases to be in continuous employment; or

(b)

voluntarily withdraws from a relevant scheme,

otherwise than in such circumstances as may be so prescribed, that sub-paragraph shall cease to apply to him except as respects pension rights which have accrued to him before that time.