Regulation 10 Partial winding up of the Pension SchemeI1

If the employer of a protected employee shall be given notice under the rules of the Pension Scheme that he is not permitted to continue to be a participating employer in that Scheme (except by reason of his liquidation otherwise than for the purposes of reconstruction or amalgamation), he shall forthwith, and in any event prior to the expiry of that notice, provide an alternative scheme and enable each protected employee to participate in that scheme with effect from a date not later than the expiry date of the notice.

For the purposes of paragraph (1), the future pension rights to be provided by the alternative scheme for protected employees shall be no worse than the future pension rights provided for those employees under the Pension Scheme immediately prior to the date upon which they cease to participate in that Scheme.