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 116.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
PART 2Pensions and Banking (Special Provisions) Act 2008 Bodies
Other liabilities to pay pensions
116Transfer of other pensions and benefits
(1)
The Treasury may by regulations make provision for the transfer to the Treasury of any of the following—
(a)
qualifying liabilities of Bradford & Bingley Limited or NRAM Limited;
(b)
qualifying liabilities of UK Asset Resolution Limited.
(2)
In this Part, “qualifying liability” means a liability to pay a pension or other benefit to or in respect of a person in connection with the person’s past service as an employee or office-holder of Bradford & Bingley Limited, Northern Rock Plc or another entity, other than a liability arising under the BBS Pension Scheme or the NRAM Pension Scheme.
(3)
The Treasury may by regulations provide for a relevant enactment to apply with modifications, or not to apply, to an arrangement under which a qualifying liability arises that is an occupational pension scheme.
(4)
In subsection (3), “relevant enactment” means an enactment that—
(a)
relates or refers to occupational pension schemes, and
(b)
is specified or described in regulations under subsection (3).
(5)
The Treasury may by regulations—
(a)
provide for an arrangement under which a qualifying liability arises to be treated as a particular 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 the arrangement subject to modifications specified in the regulations.