Legislation – Public Service Pensions and Judicial Offices Act 2022
Changes to legislation:
There are currently no known outstanding effects for the Public Service Pensions and Judicial Offices Act 2022, Section 112.
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PART 2Pensions and Banking (Special Provisions) Act 2008 Bodies
New public pension schemes
112New public schemes: further provision
(1)
A new public scheme may include provision—
(a)
for pensions or other benefits to be payable to or in respect of some or all persons described in section 111(1);
(b)
for the provision of money purchase benefits or benefits that are not money purchase benefits (or both);
(c)
for increasing in particular circumstances the amounts payable in respect of qualifying accrued rights;
(d)
for the payment or receipt of transfer values or other lump sum payments for the purpose of creating rights to benefits under a new public scheme or otherwise.
(2)
Regulations under section 111(1) may—
(a)
provide for a new public scheme to be treated as an occupational pension scheme, a previously contracted-out scheme or another type of occupational pension scheme for the purposes of an enactment specified or described in the regulations;
(b)
provide for the enactment to apply in relation to a new public scheme subject to modifications specified in the regulations.
(3)
Regulations under section 111(1) amending a new public scheme may make retrospective provision.
(4)
Regulations under section 111(1) may—
(a)
confer functions on the Treasury or another person;
(b)
provide for a person to exercise a discretion in dealing with a matter.
(5)
The Treasury may—
(a)
make arrangements for a new public scheme to be administered by any person;
(b)
delegate to any person a function exercisable by the Treasury under a new public scheme.
(6)
In this section, a “previously contracted-out scheme” means a scheme that before 6 April 2016 was a salary related contracted-out scheme within the meaning of Part 3 of the Pension Schemes Act 1993.