Regulation 7 Future Pension Rights
The rights described in paragraphs (2) and (3) are the future pension rights for the purpose of these Regulations.
The right of a protected employee to participate in a relevant scheme and (subject to paragraph (5))–
where that scheme is the North Scheme or the South Scheme, to accrue pension rights in accordance with the rules from time to time of the Scheme;
where that scheme is an alternative scheme, to accrue pension rights on the same basis as that applicable to other protected employees in that scheme;
in the event of a change of employer to an employer who participates in the North Scheme or the South Scheme, to accrue pension rights in accordance with the rules applicable to protected employees in the Scheme in which that employer participates;
in the event of a change of employer to an employer who participates in an alternative scheme, to accrue pension rights on the same basis as that applicable to protected employees in that scheme;
and in each case, where any pension rights are provided by other suitable means under regulation 9 to protected employees in that relevant scheme, to accrue such pension rights:
Provided that the pension rights referred to in sub-paragraphs (b) and (d) of this paragraph do not include any addition to, or improvement of, the pension rights provided by the alternative scheme in question which is made after the date upon which it is provided pursuant to these Regulations.
Subject to paragraph (4), the right of a protected employee, who is participating in a relevant scheme and who changes employer to an employer who provides a relevant scheme in which no protected employees are then participating, to accrue pension rights which are no worse than transfer date rights.
Where an employer has no protected employees participating in a relevant scheme which he provides to a protected employee pursuant to these Regulations at any time after the date upon which the North Scheme or, as the case may be, the South Scheme is wound up and–
he has at any time since that winding up provided a relevant scheme for protected employees who participated in the Scheme on that date; or
if he has not provided such a scheme but is a wholly owned subsidiary of a parent company which has provided such a scheme;
there shall be substituted in paragraph (3) for the reference to transfer date rights a reference to the rights so provided.
Where the pension rights of protected employees in a relevant scheme are worse than the transfer date rights, any reference in these Regulations, in relation to a protected employee joining that scheme, to the pension rights of protected employees in that scheme shall be construed as a reference to the transfer date rights.
In paragraphs (3) and (5) the transfer date rights are, in the case of a protected employee transferring to the South Scheme or to the North Scheme, those provided by the Scheme which he is joining; and in the case of a protected employee transferring to a relevant scheme other than the North Scheme or the South Scheme, they are those provided by the Scheme which that relevant scheme replaces.