5(1)Rights and liabilities under a contract of employment are not transferred by virtue of a scheme if the employee objects to the transfer and informs the transferor or transferee of that fact.
(2)If the employee objects to the transfer and informs the transferor or transferee of that fact—
(a)the employee’s contract of employment is terminated immediately before the transfer date, but
(b)the employee is not to be treated, for any purpose, as having been dismissed by the transferor.