Regulation 10 Partial Winding Up of North Scheme or South Scheme

If the employer of a protected employee shall under the rules of the North Scheme or the South Scheme not be 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) that employer shall on the date on which he ceases to be a participating employer provide an alternative scheme and enable each protected employee to participate in that scheme.

If any participating employer in the South Scheme ceases to participate in that scheme in accordance with the rules of the scheme as amended by the provisions in regulations made under paragraph 1(1)(c) of Schedule 15 to the Act, that employer shall at the expiry of the notice given under those rules provide an alternative scheme and enable each protected employee to participate in that scheme.

For the purposes of paragraphs (1) and (2), 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 North Scheme or, as the case may be, the South Scheme immediately prior to the date upon which they cease to participate in that Scheme.