(1)This section applies to any contract made between the governing body of an institution within the further education sector and any person employed by them, not being a contract made in contemplation of the employee’s pending dismissal by reason of redundancy.
(2)In so far as a contract to which this section applies provides that the employee—
(a)shall not be dismissed by reason of redundancy, or
(b)if he is so dismissed, shall be paid a sum in excess of the sum which the employer is liable to pay to him under section 81 of the [1978 c. 44.] Employment Protection (Consolidation) Act 1978,
the contract shall be void and of no effect.