Legislation – Public Service Pensions and Judicial Offices Act 2022
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There are currently no known outstanding effects for the Public Service Pensions and Judicial Offices Act 2022, Section 101.
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PART 1Public service pension schemes
CHAPTER 4General
Miscellaneous
101Power of Treasury to make scheme for compensation
(1)
The Treasury may by regulations make provision for a compensation scheme under which amounts are paid by way of compensation in respect of compensatable losses incurred by relevant members.
(2)
The provision that may be made under subsection (1) includes—
(a)
provision appointing a body to administer the scheme;
(b)
provision establishing a body for that purpose and making such provision in relation to the appointment of members, staffing, expenditure, procedure and otherwise as the Treasury consider appropriate;
(c)
provision allowing the body administering the scheme to exercise a discretion;
(d)
provision conferring power on the Treasury to give guidance or directions to the body administering the scheme;
(e)
any provision that could be included in—
(i)
regulations made by virtue of section 26 (interest and process) in relation to amounts payable under section 23 (power to pay compensation), or
(ii)
regulations made by virtue of section 61 (interest and process) in relation to amounts payable under section 59 (power to pay compensation).
(3)
In this section “compensatable loss” means—
(a)
a compensatable loss for the purposes of section 23 (power to pay compensation under Chapter 1),
(b)
a compensatable loss for the purposes of section 59 (power to pay compensation under Chapter 2), or
(c)
a compensatable loss for the purposes of section 82 (power to pay compensation under Chapter 3).
(4)
In this section “relevant member” means—
(a)
(b)
(c)
a member of a local government new scheme within section 86(2)(a) who has remediable service that is pensionable service under the scheme.
(5)
In subsection (4)—
(a)
in paragraph (a), “Chapter 1 legacy scheme” and “remediable service” have the same meaning as in Chapter 1;
(b)
in paragraph (b), “judicial scheme” and “remediable service” have the same meaning as in Chapter 2;
(c)
in paragraph (c), “local government new scheme” and “remediable service” have the same meaning as in Chapter 3.
(6)
Regulations under this section are subject to the negative procedure.