Regulation 3

Every participant in a funded scheme who becomes employed as an officer or servant by the Commission in consequence of the relevant event and every person employed on probationary service as an officer or servant whose conditions of service were such as to entitle or require him on completion of his period of probationary service to become such a participant who becomes so employed, shall subject to the provisions of Regulation 8 of these Regulations, be accorded by the Commission pension rights the same as or not less advantageous than those accorded by his scheme and subject to similar conditions as to the payment of contributions and otherwise and the Commission shall have similar rights respecting the variation of the terms and conditions affecting pension rights as were had at the date of the relevant event by any person:

Provided that the Commission may allow any such participant in a funded scheme whose emoluments are diminished in consequence of the relevant event, the cause of such diminution having arisen not later than ten years after the relevant event (without prejudice to any other power he may have in that behalf) to continue his contributions and to have contributions paid in respect of him by reference to the amount of his emoluments immediately before the date of the relevant event.

Nothing in the preceding provisions of this Regulation shall be taken to require the Commission to establish or administer a pension fund for the purpose of providing pensions under this Regulation.