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.