Subject to the provisions of this paragraph, this Regulation applies to any insurance scheme all the participants in which (other than participants in receipt of a pension thereunder) lose their employment as officers or servants at one and the same time in consequence of the same relevant event, the cause of such loss having arisen within the relevant period, and not later than seven days after so losing their employment, obtain employment with a new single employer, being an employer willing to continue the scheme and to assume the rights and obligations of the Commission in relation thereto:

Provided that this Regulation shall not apply in any case where the new employer is such a company as is referred to in section 4 or 5 of the Act.

Subject to the consent of the life assurance company concerned, every insurance scheme to which this Regulation applies and all trust deeds, rules and other instruments made for the purpose thereof, shall continue subject to the modifications thereof provided for in this Regulation.

Every insurance scheme to which this Regulation applies and every statutory provision relating thereto and all trust deeds, rules and other instruments made for the purposes thereof shall have effect as from the date on which the participants lose their employment as officers or servants, as though any reference therein (however worded and whether express or implied) to employment by the Commission were, as respects employment as from that date, a reference to employment by the new employer, and the rights and obligations relating to participation in the scheme and in any fund held for the purposes thereof and to the payment of premiums or contributions by employer and employee shall be construed accordingly.

Subject to the provisions of the last preceding paragraph, every insurance scheme to which this Regulation applies and every statutory provision relating thereto and all trust deeds, rules and other instruments made for the purposes thereof shall have effect as from the date on which the participants lose their employment as officers or servants as though, where the Commission is a party thereto, the new employer had been a party thereto, and any reference therein (however worded and whether express or implied) to the Commission were, as respects anything falling to be done on or after that date, a reference to the new employer, and any reference therein (however worded and whether express or implied) to any officer, servant, agent of, or any person appointed by the Commission and concerned with the administration of the scheme or the fund held for the purposes thereof were, as respects anything falling to be done on or after the said date, a reference to such person as the new employer may appoint for the administration or participation in the administration of the scheme or fund held for the purposes thereof; and where the fund held for the purposes of the scheme is so held by the Commission with or without any other person, all necessary steps shall forthwith be taken after the said date to secure that the fund shall thereafter be so held by the new employer in place of the Commission and, where the fund is held by any person (being an officer, servant, agent of, or a person appointed by the Commission) with or without the Commission or any other person, similar steps shall forthwith be taken after the said date to secure that the fund shall thereafter be so held by such person as the new employer may appoint for the purpose in place of the first mentioned person.