Paragraph 2

the effect of section 3 of this Act in relation to any contract of employment with the Corporation in force immediately before the transfer date is merely to modify the contract (as from that date) by substituting the Agency as the employer (and not to terminate the contract or vary it in any other way); and

that section is effective to vest the rights and liabilities of the Corporation under any agreement or arrangement for the payment of pensions, allowances or gratuities in the Agency along with all other rights and liabilities of the Corporation;