The way it worked here was that everyone remained on their existing contract and T&Cs when the new company took over. You don’t sign a new contract unless you are offered a different position/promotion within the new company.
For some things my old contract/T&Cs were better than the newer company standard T&Cs, for others the new company had better terms.
e.g.
Bad: My old contract was for 40 hours/week, new company standard was 37.5. But under TUPE we carried on with 40 hrs/week as they were the terms of my contract.
Good: My old company waived the pension mgmt fee, whereas the new company charge the employee. Under TUPE I don’t pay the mgmt fee whereas new company employees do. I also get a better % contribution than the new company employees.
It’s a mixed bag, where there’s overlap the HR department of the new company will try and find common ground. e.g. if you get private medical care they’ll just switch you over to the new company scheme.
If you’ve got some mega sweet perks that the new company just don’t have, that’s where things can get messy. A big sticking point was our old company bonus scheme which was far more lucrative than the new company one, and didn’t fit with their ‘culture’ :-/
Basically if you think you’re being fucked over, talk to your HR/their HR. Sometimes companies appoint a person as a point of contact to go to with TUPE issues, has yours done this? Ours didn’t and it was a fucking mess.