Paragraph 2

The following clause shall be inserted immediately following Clause 2, as Clause 2A:

“Transfers of Functions

2A

(1)

Subject to the prior approval of the Board of Inland Revenue, the Co-ordinator and all the Principal Employers shall have power together to procure that some or all of the Functions from time to time vested in any of them are exercisable by any other of them in such circumstances as they may determine and in such event each party which relinquishes Functions shall be discharged from its future obligations under the Scheme in respect thereof and each party which assumes Functions shall undertake responsibility for the future exercise and performance of the Functions so vested in it. Such power shall be exercised by all the Principal Employers and the Co-ordinator entering into a deed to such effect. The Co-ordinator shall give notice of such deed to the Trustees forthwith.

(2)

Subject to the prior approval of the Board of Inland Revenue and the consent of all the Principal Employers, the Co-ordinator shall have power to transfer to another person all (but not some only) of the Functions as are then vested in it; Provided That such person shall agree to undertake responsibility for the exercise and performance thereof. Such power shall be exercised by the Co-ordinator, all the Principal Employers and such person entering into a deed to such effect. The said person shall give notice of such deed to the Trustees forthwith. As from the date specified in such deed, the expression “the Co-ordinator”, as used in the Scheme (including this Clause), shall thereafter mean such person.

(3)

If any Principal Employer wishes to be discharged from the exercise of its Functions and other liabilities, rights and duties as a Principal Employer and another Employer (whether or not in its Group) wishes to undertake responsibility for the exercise of those Functions, liabilities, rights and duties in succession thereto then, provided that the transfer thereof will not prejudice Approval, the two Employers may by deed transfer the said Functions, liabilities, rights and duties so that the transferor shall be discharged from its future obligations under the Scheme in respect thereof and the transferee shall undertake responsibility for the future exercise and performance thereof and shall thereafter be the Principal Employer of the Group of the former Principal Employer. The new Principal Employer shall give notice of such deed to the Co-ordinator and the Trustees forthwith.”