59E. Duties of trustees in connection with bulk transfer.

(1) In this section, "bulk transfer" means the transfer by the trustees of a scheme of an amount of money or other resources in discharge of their liability under the scheme to provide benefits in respect of a group of members - (a) to the trustees of another scheme or schemes where either - (i) the scheme under which the transfer is made and the scheme under which the transfer is received apply to employment with the same employer, or (ii) the scheme under which the transfer is made and the scheme under which the transfer is received apply to employment with different employers, and (I) the transfer is made in consequence of a financial transaction between the employers, or (II) one of the employers is a subsidiary (within the meaning of section 155 of the Companies Act, 1963) of the other, or both are subsidiaries of the same company, or (b) to Personal Retirement Savings Accounts where either - (i) the person, being the employer to whose employment the scheme un

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