Regulation 12

In respect of any participant in an exclusive insurance scheme who loses his employment as an officer or servant in consequence of the relevant event, the cause of such loss having arisen not later than ten years after the relevant event, the Commission may, not later than three months after the date upon which he so loses his employment or three months after the date on which these Regulations come into operation, whichever is the later, make such arrangements with the persons administering the scheme as shall ensure to him on his reaching normal pensionable age or on the happening of any other contingency carrying entitlement to pension under the scheme the payment or payments comprised in his accrued pension rights.

Provided that where such a participant or any other person has been granted after the date of the relevant event and before the date on which these Regulations come into operation, any pension or pension rights under the scheme by reason of the participant having ceased to be a participant therein, the accrued pension rights to be ensured to the participant in accordance with the foregoing provisions of this paragraph shall be reduced by reason of that grant in such manner as may be provided by the arrangements made under the said provisions.

Notwithstanding anything to the contrary in such scheme as aforesaid or any statutory provisions relating thereto or trust deeds, rules or other instruments made for the purposes thereof, the persons administering the scheme shall be authorised to make such arrangements (including the disposal of any funds held for the purposes of the scheme) as are referred to in paragraph (1) of this Regulation and the said scheme statutory provisions, trust deeds, rules and other instruments shall be construed accordingly and as though provision was duly made in the scheme for any arrangements so made.