Transfer schemes
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5A transfer scheme which relates to rights and liabilities under a contract of employment—
(a)must provide for the transfer to which the scheme relates to be treated as if it were a relevant transfer for the purposes of the Transfer of Undertakings (Protection of Employment) Regulations 2006 (“TUPE”), but
(b)may, in connection with functions becoming exercisable (alone or jointly) by the PRA—
(i)provide for the transfer of rights and liabilities under a contract of employment to the Bank, and
(ii)provide for TUPE to have effect as if the relevant transfer were a transfer to the Bank.