Section 9 Retirement benefits schemes

In this section

• “retirement benefits scheme” has the same meaning as in section 611 of the 1988 c. 1.Income and Corporation Taxes Act 1988.

On the appointed day HFC shall, by virtue of this Act, become the sole or principal employer under any retirement benefits scheme under which Beneficial is the sole or principal employer immediately before the appointed day as if for all purposes relating to the scheme there were no change in the identity of the person in law who is the sole or principal employer.

No retirement benefits scheme under which HFC or Beneficial is the sole or principal employer shall by reason only of the operation of any of the provisions of this Act be terminated or wound-up, in whole or in part.

No pensionable service of an officer or employee of HFC or of Beneficial shall, for the purposes of a retirement benefits scheme under which HFC or Beneficial is the sole or principal employer and of which the officer or employee is a member immediately before the appointed day, be terminated or otherwise interrupted by reason only of the operation of any of the provisions of this Act.

The trust deeds, rules and other documents and instruments constituting, governing or otherwise relating to any retirement benefits scheme to which the provisions of this section apply shall have effect subject to and in accordance with the provisions of this section.