Paragraph 12 Clause 37

The following Clause shall be substituted—

“37

(1)

Subject to the provisions of paragraph (2) of this Clause, the Corporation may from time to time and at any time (and in particular, but without prejudice to the generality hereof, if any report of the Actuary shall have disclosed a surplus or a deficiency in the Scheme) amend the Scheme or the Rules by the alteration, deletion or addition of any provisions, but no alteration, deletion or addition shall be made which would have the effect of—

(a)

altering the main purpose of the Scheme from that of providing pensions for members on retirement;

(b)

making any of the moneys of the Scheme payable to the Corporation or to any other Employer;

(c)

reducing the amounts of any benefits already earned or accrued.

(2)

No amendment shall be made to the Scheme or Rules unless such amendments shall have been proposed by the Corporation and approved—

(a)

in the case of an amendment to Clause 21, this Clause or Clause 38 by a resolution of the Rules Amendment Committee passed unanimously at a meeting of that Committee attended by all its members or their alternates; and

(b)

in any other case, by resolution passed by the votes of a majority of the members for the time being of the Rules Amendment Committee or their alternates.”.