The subsequent provisions of this Regulation shall be terms of any pension scheme to which this Regulation applies and notwithstanding anything to the contrary therein contained, every such scheme and any statutory provisions relating thereto and all trust deeds, rules and other instruments made for the purposes thereof shall be construed accordingly.

No such consent or approval as is mentioned in the last preceding paragraph shall be given except upon the giving of an undertaking by the Company concerned to make such contributions and payments to the fund in the case of a funded scheme or, in the case of a general scheme, to the Commission, in respect of any period commencing with the date of change and ending on the date on which the person in relation to whom the undertaking is given ceases to be in the service of the company, as would, but for the provisions of this Regulation, have fallen to be made by the Commission if that person had been in the service of the Commission and not in the service of the company.

The Commission shall not be liable to make any contribution or payment for the purposes of any pension scheme to which this Regulation applies in respect of any person to whom this Regulation applies; being a person who continues to be a participant in that scheme and to be treated as having been such on and after the date of change, for any period commencing with the date of change and ending with the date on which his service with the company ceases.

Any person to whom this Regulation applies, being a participant in a scheme to which this Regulation applies, whose emoluments are diminished after the date of change, the cause of such diminution having arisen within the relevant period, may (without prejudice to any other power he may have in that behalf) with the consent of the company concerned and of the persons in whom the fund held for the purposes of the scheme is vested or, as the case may be, the Commission, continue his contributions under the scheme and continue to have contributions paid in respect of him thereunder and to be entitled to the benefits thereof by reference to the amount of his emoluments before they were first so diminished

The provisions of Regulations 3 to 5 or, as the case may be, of Regulation 8 of these Regulations, shall apply in relation to any person to whom this Regulation applies whose service with any such company as is referred to in paragraph (1) of this Regulation ceases for any reason other than reaching the relevant age or the happening of any other contingency carrying entitlement to pension under the scheme, misconduct or incapacity to perform such duties as he was performing or could reasonably have been required to perform before the date of change, or whose service is deemed to have ceased for any of the reasons specified in paragraph (3) of this Regulation, as if that person had lost his employment as an officer or servant on the date on which his service with the company ceased instead of on the date of change:

Provided that the provisions of this paragraph shall not apply in any case where the person's service with the company ceases after the expiration of the relevant period as defined for the purpose of the said Regulations.

In this Regulation the expression “date of change” in relation to any person to whom this Regulation applies, means the date on which the person ceases to be employed as an officer or servant and becomes employed as an officer or servant by any such company as is referred to in section 4 or 5 of the Act.

The subsequent provisions of this Regulation shall be terms of any insurance scheme to which this Regulation applies and notwithstanding anything to the contrary therein contained, every such scheme and any statutory provisions relating thereto and all trust deeds, rules and other instruments made for the purposes thereof shall be construed accordingly.

No such consent or approval as is mentioned in the last preceding paragraph shall be given except upon the giving of an undertaking by the Commission to make such payments of premiums and other payments due to be made under the scheme to the life assurance company or, as the case may be, to the persons administering the scheme, in respect of any period commencing with the date of change and ending on the date on which the person in relation to whom the undertaking is given ceases to be in the service of the company, as would have fallen to be made by the Commission if that person had been in the service of the Commission and not in the service of the company, and of an undertaking by the company to refund to the Commission all payments so made by them to the life assurance company together with a due proportion of the additional administrative expenses incurred by the Commission in consequence of the provisions of this paragraph.

Any person to whom this Regulation applies, being a participant in an insurance scheme to which this Regulation applies, whose emoluments are diminished after the date of change, the cause of such diminution having arisen within the relevant period, may (without prejudice to any other power he may have in that behalf) with the consent of the Commission and the persons administering the scheme continue his premiums or contributions under the scheme and continue to have premiums or contributions paid in respect of him thereunder and to be entitled to the benefits thereof by reference to the amount of his emoluments before they were first so diminished.

The provisions of Regulation 6 of these Regulations shall apply in relation to any person to whom this Regulation applies whose service with any such company as is referred to in paragraph (1) of this Regulation ceases for any reason other than reaching the relevant age or the happening of any other contingency carrying entitlement to pension under the scheme, misconduct or incapacity to perform such duties as he was performing or could reasonably have been required to perform before the date of change, or whose service is deemed to have ceased for any of the reasons specified in paragraph (3) of this Regulation, as if that person had lost his employment as an officer or servant on the date on which his service with the company ceased instead of on the date of change:

Provided that the provisions of this paragraph shall not apply in any case where the person's service with the company ceases after the expiration of the relevant period as defined for the purpose of the said Regulation 6.

In this Regulation the expression “date of change” in relation to any person to whom this Regulation applies, means the date on which the person ceases to be employed as an officer or servant and becomes employed as an officer or servant by any such company as is referred to in section 4 or 5 of the Act.

This Regulation applies to every participant in a pension scheme who suffers a diminution of his emoluments as an officer or servant or a change in the nature or in the terms of his employment as an officer or servant in consequence of any relevant event, the cause of such diminution or change having arisen within the relevant period.

Any participant in a pension scheme to whom this Regulation applies whose emoluments are diminished may (without prejudice to any other power he may have in that behalf) with the consent of the Commission and the persons administering the scheme continue his premiums or contributions under the scheme and continue to have premiums or contributions paid in respect of him thereunder and to be entitled to the benefits thereof by reference to the amount of his emoluments before they were first so diminished; and notwithstanding anything to the contrary contained therein, every such scheme and any statutory provisions relating thereto and all trust deeds, rules and other instruments made for the purposes thereof, shall be construed accordingly and as though the provisions of this paragraph were a term of the scheme.

Any participant in a pension scheme to whom this Regulation applies who suffers such a change in the nature or terms of his employment as would terminate his participation in the scheme shall have the right, if he gives notice in writing to that effect to the persons administering the scheme within three months of the date of such change, to continue to be a participant in the scheme so long as he remains an officer or servant and to be treated as having been such from the date of such change and as subject to the like conditions as to payment of premiums or contributions and otherwise in all respects as if that change had not taken place; and notwithstanding anything to the contrary contained therein, every such scheme and any statutory provisions relating thereto and all trust deeds, rules and other instruments made for the purposes thereof, shall be construed accordingly and as though the provisions of this paragraph were a term of the scheme.

The provisions of Regulations 3 to 5, of Regulation 6 or, as the case may be, of Regulation 8 of these Regulations, shall apply to every participant in a pension scheme to whom this Regulation applies, who does not exercise the right conferred upon him by paragraph (3) of this Regulation, as if he had on the date on which the change took place lost his employment as an officer or servant.