Paragraph 1C Transfer of assets etc.F1
The scheme administrator may transfer relevant property, rights and liabilities of an outgoing PRO to—
the scheme administrator; or
another PRO appointed to take over the functions of the outgoing PRO,
as a consequence of the outgoing PRO ceasing to be a PRO.
The relevant property, rights and liabilities of the outgoing PRO that may be transferred under paragraph (1) are—
data created and compiled specifically for the purposes of the functions of the scheme administrator under these Regulations;
intellectual property;
IT systems;
contracts entered into by the outgoing PRO for the purposes of the functions it has been appointed to carry out on behalf of the scheme administrator;
staff and human resources systems.
The scheme administrator may only transfer such of the relevant property, rights and liabilities set out in paragraph (2) as constitute the minimum assets required to enable the continued exercise of the scheme administrator’s functions under these Regulations.
The property, rights and liabilities that may be transferred under this paragraph include property, rights and liabilities that would not otherwise be capable of being transferred or assigned by the outgoing PRO.
A transfer of property, rights and liabilities under this paragraph takes effect despite the absence of any required consent or concurrence to or with the transfer and as if—
no liability existed in respect of a contravention of a requirement for consent or concurrence, and
there were no interference with any property or right,
that would otherwise exist by reason of any provision (whether under any enactment or agreement or otherwise) having effect in relation to the terms on which the outgoing PRO is entitled to the property or right, or subject to the liability, in question.
For the purposes of this paragraph, any property, right or liability of the outgoing PRO is relevant property, or a relevant right or liability, only if it was acquired by, or the outgoing PRO became subject to it, in the course of, or in preparation for, the exercise of its functions as a PRO pursuant to an appointment under paragraph 1A.
In this paragraph and in paragraphs 1D and 1E, an “outgoing PRO” means a body whose appointment as a PRO expires or is revoked under paragraph 1B of this Schedule.