A participating employer of a scheme may elect to have the accrued benefits of an  employee held in the contribution account in the scheme in respect of a member's employment transferred to another registered scheme in which the employer is a participant 

(a) by giving written notice of the election to the transferee trustee in the event of the winding up of the scheme under section 118 of the Act; or

(b) By giving notice, personally or through the transferee trustee, of its intention to cease participation in the first scheme in respect of that   member.