2(1)Subject to sub-paragraph (2), the property, rights and liabilities so transferred include—
(a)property, rights and liabilities that would not otherwise be capable of being transferred or assigned,
(b)property situated anywhere in the United Kingdom or elsewhere, and
(c)rights and liabilities under the law of any part of the United Kingdom or of any country or territory outside the United Kingdom.
(2)Where, but for this sub-paragraph, any rights or liabilities under a contract of employment between the trustees or managers of the scheme and an individual would be transferred to the Board under section 161, this sub-paragraph operates to terminate the contract of employment on the day preceding the day on which the transfer notice is received by the trustees or managers of the scheme.