OpenLegislation

Pension Schemes Act 2026 in Northern Ireland

2026 c. 22 · Enacted 29 April 2026 · Extends to United Kingdom

Not fully up to date. 3 changes made by later legislation have not yet been written into this text, which is revised to 29 June 2026.

See the changes not yet applied
ProvisionChangeMade by
s. 61(2)applied by 1995 c. 26, s. 75(1B) (as inserted)Pension Schemes Act 2026 s. 98(1)
s. 40(4)(8)repealed in partPension Schemes Act 2026 s. 133(6)
s. 61(2)applied by 2004 c. 35, s. 126(1B) (as inserted)Pension Schemes Act 2026 Sch. para. 15

An Act to make provision about pension schemes; and for connected purposes.

[29th April 2026]

Be it enacted by the King’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Contents

  1. Part 4: Miscellaneous
  2. Chapter 1: Validity of certain alterations to salary-related contracted-out pension schemes
  3. Schemes in Northern Ireland
  4. 105Sections 105 to 108: interpretation and scope
  5. 106Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes
  6. 107Validity of certain alterations to NI salary-related contracted-out pension schemes: wound up schemes and other special cases
  7. 108Powers to amend Chapter 1 etc: Northern Ireland
  8. Chapter 3: AWE Pension Scheme
  9. New public pension schemes
  10. 112Establishment of new public schemes and transfer of rights
  11. 113New public schemes: further provision
  12. 114Protection against adverse treatment: transfer of rights
  13. 115Protection against adverse treatment: amendment of new public schemes
  14. 116Transfer of assets and liabilities
  15. Supplementary
  16. 117Taxation
  17. 118Information
  18. 119Regulations
  19. 120Interpretation
  20. Chapter 4: Other miscellaneous provision
  21. 128Public service pension schemes

105Sections 105 to 108: interpretation and scopeI1 N.I.

(1)

The provisions of this section have effect for the purposes of this section and sections 106 to 108.

(2)

“NI scheme” means an occupational pension scheme that was a salary-related contracted-out scheme in Northern Ireland; and for this purpose an occupational pension scheme was a salary-related contracted-out scheme in Northern Ireland at any time if the scheme was contracted-out at that time by virtue of satisfying section 5(2) of the Pension Schemes (Northern Ireland) Act 1993 (as it then had effect).

(3)

“Scheme actuary”, in relation to an NI scheme, means—

(a)

the person for the time being appointed as actuary for the scheme under Article 47 of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)) (professional advisers), or

(b)

if there is no person so appointed, a Fellow of the Institute and Faculty of Actuaries appointed by the trustees or managers of the scheme to carry out the functions of the scheme actuary under section 106.

(4)

“Section 33(1)” refers to section 33(1) of the Pension Schemes (Northern Ireland) Act 1993 (prohibition of alterations to rules of contracted-out schemes in certain circumstances).

(5)

“Regulation 42” refers to regulation 42 of the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996 (S.R. (N.I.) 1996 No. 493).

(6)

References to non-compliance with the requirements of paragraph (2)(a) and (b) of regulation 42 include non-compliance with the requirement in either paragraph (2)(a) or (2)(b) (as well as with both requirements).

(7)

An alteration purporting to have been made to the rules of an NI scheme is a “potentially remediable alteration” if—

(a)

by virtue of section 33(1) and paragraphs (1) and (2) of regulation 42 (as they had effect at the time), the alteration could not be made unless the requirements of paragraph (2)(a), (b) and (c) of regulation 42 (as they then had effect) had been met,

(b)

it was treated by the trustees or managers of the scheme, after it was purportedly made, as a valid alteration,

(c)

no positive action has been taken by the trustees or managers of the scheme on the basis that they consider the alteration to be void (and so of no legal effect) by reason of non-compliance with the requirements of paragraph (2)(a) and (b) of regulation 42, and

(d)

it is not excluded from the scope of remediation under sections 106 and 107 (see subsection (9)).

(8)

In subsection (7)(c) “positive action”, in relation to the purported alteration, means—

(a)

notifying any members of the scheme in writing to the effect that the trustees or managers consider the alteration to be void (by reason of non-compliance with the requirements of paragraph (2)(a) and (b) of regulation 42) and that the scheme will be administered on the basis that it has no legal effect, or

(b)

notifying any members of the scheme in writing (in consequence of the trustees or managers being of the view mentioned in subsection (7)(c)) to the effect that the trustees or managers are taking (or have taken) any other step in relation to the administration of the scheme which has (or will have) the effect of altering payments to or in respect of members of the scheme.

(9)

An alteration purporting to have been made to the rules of an NI scheme is excluded from the scope of remediation under sections 106 and 107 if any question relating to the validity of the alteration, so far as relating to the requirements of paragraph (2)(a) and (b) of regulation 42—

(a)

has, before this section comes into force, been determined by the court in qualifying legal proceedings,

(b)

was in issue on or before 5 June 2025 in qualifying legal proceedings, but has been settled by agreement between the parties at any time before this section comes into force, or

(c)

was in issue on or before 5 June 2025 in qualifying legal proceedings and remains in issue in those proceedings when this section comes into force.

(10)

In subsection (9) “legal proceedings” means proceedings for the determination of a dispute that have been brought before a court in the United Kingdom; and such proceedings are “qualifying legal proceedings” if—

(a)

they will determine a dispute as to the rules of the scheme, and

(b)

the parties are (or include)—

(i)

the trustees or managers of the scheme, and

(ii)

one or more members or other beneficiaries of the scheme (or a person acting on behalf of one or more members or other beneficiaries).

106Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemesI1 N.I.

(1)

This section applies to any potentially remediable alteration purportedly made to an NI scheme other than a potentially remediable alteration to which section 107 applies.

(2)

If the conditions mentioned in subsection (3) are met in relation to it, the alteration is to be treated for all purposes as having met the requirements of paragraph (2)(a) and (b) of regulation 42 before it was purportedly made, and so as having always been a valid alteration so far as those requirements are concerned.

(3)

The conditions are—

(a)

that the trustees or managers of the scheme have made a request in writing to the scheme actuary for the actuary to consider whether or not, on the assumption that it was validly made, the alteration would have prevented the scheme from continuing to satisfy the statutory standard, and

(b)

that the scheme actuary has confirmed to the trustees or managers in writing that in the actuary’s opinion it is reasonable to conclude that, on the assumption that it was validly made, the alteration would not have prevented the scheme from continuing to satisfy the statutory standard.

In this subsection “the statutory standard” means the statutory standard for a contracted-out scheme under section 8A of the Pension Schemes (Northern Ireland) Act 1993 as it had effect at the time the alteration was purportedly made.

(4)

A scheme actuary who has received a request as mentioned in subsection (3)(a) in relation to a potentially remediable alteration to a scheme—

(a)

may act on the basis of the information available to the actuary, as long as the actuary considers it sufficient for the purpose of forming an opinion on the subject-matter of the request;

(b)

may take any professional approach (including making assumptions or relying on presumptions) that is open to the actuary in all the circumstances of the case.

(5)

A condition mentioned in subsection (3) may be met by action taken before (as well as action taken after) this section comes into force.

(6)

Subsection (7) applies to an NI scheme if —

(a)

there is an assessment period in relation to the scheme within the meaning of Part 3 of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), or

(b)

the scheme is operating as a closed scheme under Article 137 of that Order.

(7)

The powers of the Board of the Pension Protection Fund under Article 118 and 139 of the Pensions (Northern Ireland) Order 2005 to give directions include power to give a direction to the trustees or managers of the scheme requiring them—

(a)

to make a request under subsection (3)(a) in relation to a potentially remediable alteration to the scheme, and

(b)

to take any necessary action to enable or facilitate the making of a decision by the actuary as to whether to give the confirmation described in subsection (3)(b) in relation to that alteration.

(8)

This section has effect, in relation to a potentially remediable alteration purportedly made to a public service scheme, as if the references in subsections (3) and (7) to the trustees or managers of the scheme were references to the responsible authority.

(9)

In subsection (8)—

  • “public service scheme” means—

    1. (a)

      a pension scheme established under section 1 of the Public Service Pensions (Northern Ireland) Act 2014 (2014 c. 2), or

    2. (b)

      a statutory pension scheme which is connected with a scheme referred to in paragraph (a) (and for this purpose “statutory pension scheme” and “connected” have the meanings given in that Act);

  • “responsible authority”, in relation to a public service scheme, means the authority that is the responsible authority for the scheme by virtue of section 2 of and Schedule 2 to that Act.

107Validity of certain alterations to NI salary-related contracted-out pension schemes: wound up schemes and other special casesI1 N.I.

(1)

This section applies to any potentially remediable alteration purportedly made to the rules of—

(a)

an NI scheme, or a part of an NI scheme, which has been wound up before this section comes into force,

(b)

an NI scheme, or a part of an NI scheme, for which the Board of the Pension Protection Fund has, before this section comes into force, assumed responsibility in accordance with Chapter 3 of Part 3 of the Pensions (Northern Ireland) Order 2005 (see Article 145 of that Order), or

(c)

an NI scheme which is a qualifying pension scheme for the purposes of regulation 9 of the Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986) and in respect of which payments are required to be made under section 286 of the Pensions Act 2004.

(2)

The alteration is be treated for all purposes as having met the requirements of paragraph (2)(a) and (b) of regulation 42 before it was purportedly made and so as having always been a valid alteration so far as those requirements are concerned.

108Powers to amend Chapter 1 etc: Northern IrelandI1 N.I.

(1)

The Department for Communities in Northern Ireland may by regulations amend any of sections 105, 106 and 107 for the purpose of providing for purported alterations of any specified description to be outside the scope of remediation under either or both of sections 106 and 107.

(2)

In subsection (1) “specified” means specified in the regulations; and a specified description of purported alterations may be framed by reference to features of the alterations or of the schemes purportedly altered by them (or a combination of both).

(3)

Regulations under subsection (1) are subject to negative resolution.

(4)

The Department for Communities in Northern Ireland may by regulations make incidental, supplementary, consequential or transitional provision in connection with any provision of this Chapter (other than section 104 and this section).

(5)

Regulations under subsection (4) may amend Northern Ireland legislation, or an Act of Parliament, passed or made before or in the same Session as this Act.

(6)

Regulations under subsection (4) which contain provision made under subsection (5)—

(a)

must be laid before the Northern Ireland Assembly after being made,

(b)

take effect on such date as may be specified in the regulations, and

(c)

cease to have effect on the expiry of the period of six months beginning with the day on which they take effect, unless the regulations have been approved during that period by resolution of the Assembly.

Paragraph (c) is without prejudice to the validity of anything done under the regulations or to the making of new regulations.

(7)

Regulations under subsection (4) which do not contain provision made under subsection (5) are subject to negative resolution.

(8)

In this section “subject to negative resolution” has the meaning given by section 41(6) of the Interpretation Act (Northern Ireland) 1954.

(9)

The power of the Department for Communities in Northern Ireland to make regulations under this section is exercisable by statutory rule for the purposes of the Statutory Rules (Northern Ireland) Order 1979 (S.I. 1979/1573 (N.I. 12)).

112Establishment of new public schemes and transfer of rightsI1

(1)

The Secretary of State may by regulations establish one or more schemes (“new public schemes”) which provide for pensions or other benefits to be payable to or in respect of persons who are or have been members of the AWE Pension Scheme (“qualifying persons”).

(2)

The Secretary of State may by regulations make provision for the transfer of qualifying accrued rights to a new public scheme (without the need for any approval or consent of the trustee company or AWE PLC, or any other person, to the transfer).

(3)

Regulations under subsection (2) may include provision for the discharge of liabilities in respect of qualifying accrued rights that are transferred.

(4)

In this Chapter—

  • “qualifying accrued rights” means—

    1. (a)

      any right to future benefits under the AWE Pension Scheme which, at the qualifying time, has accrued to or in respect of a qualifying person,

    2. (b)

      any entitlement under the AWE Pension Scheme to the present payment of a pension or other benefit which a qualifying person has at the qualifying time, or

    3. (c)

      any entitlement to benefits, or right to future benefits, under the AWE Pension Scheme which a survivor of a qualifying person has at the qualifying time in respect of the qualifying person;

  • “the qualifying time” means the time immediately before the date specified or described in regulations.

(5)

For the purposes of the definition of “qualifying accrued rights”—

(a)

references to pensions or other benefits (including future benefits) includes money purchase benefits, and

(b)

references to a right include a pension credit right.

(6)

Regulations under subsection (4) specifying or describing a date for the purposes of the definition of “the qualifying time” may make provision for the purposes of transfers of qualifying accrued rights generally, transfers of a particular description or a particular transfer.

113New public schemes: further provisionI1

(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 112(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;

(e)

in relation to any persons who are active members of the AWE Pension Scheme which differs from the provision made in relation to persons who are deferred members of the AWE Pension Scheme, other than provision in relation to qualifying accrued rights.

(2)

Regulations under section 112(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 112(1) amending a new public scheme may make retrospective provision.

(4)

Regulations under section 112(1) may—

(a)

confer functions on the Secretary of State or another person;

(b)

provide for a person to exercise a discretion in dealing with a matter.

(5)

The Secretary of State 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 Secretary of State 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.

114Protection against adverse treatment: transfer of rightsI1

(1)

When making regulations under section 112 which transfer qualifying accrued rights to a new public scheme, the Secretary of State must ensure that the following requirements are met in respect of each person whose qualifying accrued rights are transferred—

(a)

the general scheme requirement (see subsection (2)), and

(b)

where the qualifying accrued rights transferred are a person’s rights or entitlements to money purchase benefits other than pensions in payment, the money purchase requirement (see subsection (3)).

(2)

The general scheme requirement is that, so far as relevant to the qualifying accrued rights transferred by the regulations, the provision in the new public scheme immediately after the regulations are made is in all material respects at least as good as the provision in the AWE Pension Scheme immediately before that time.

(3)

The money purchase requirement is that the value of the rights or entitlements to money purchase benefits, other than pensions in payment, that a person has under the new public scheme immediately after, and as a result of, the transfer is at least equivalent to the value of the qualifying accrued rights of the person that are transferred.

(4)

The Secretary of State may by regulations make provision about the determination of the value of rights or entitlements for the purposes of subsection (3).

(5)

Regulations under subsection (4) may, among other things—

(a)

make provision about the person by whom, and the manner in which, the value of rights or entitlements is to be determined,

(b)

make provision about the date or period by reference to which the value of the qualifying accrued rights transferred is to be determined (subject to subsection (6)), and

(c)

make provision that applies generally or only for a specific purpose (for example, in relation to a particular transfer).

(6)

Regulations under subsection (4) may not make provision for the value of the qualifying accrued rights transferred to be determined by reference to a date which falls, or a period which ends, more than three months before the transfer.

(7)

Subsection (1) does not require provision to be included in a new public scheme if the Secretary of State is of the opinion that the provision would be incompatible with an enactment (including an enactment applying as a result of any provision made by or under this Chapter).

(8)

Nothing in subsections (1) to (3) is to be read as—

(a)

requiring particular provisions of a new public scheme to take a particular form,

(b)

requiring a new public scheme to be established in a particular way,

(c)

requiring any power or duty conferred or imposed by a new public scheme to be exercised or performed in a particular way, or

(d)

affecting any power of any person to amend a new public scheme.

115Protection against adverse treatment: amendment of new public schemesI1

(1)

The Secretary of State may not make regulations under section 112 amending a new public scheme unless—

(a)

in a case where the amendment, on coming into force, would or might adversely affect subsisting rights at that time, the consent requirements or the procedure requirements are satisfied in relation to the amendment, or

(b)

in any other case, the consultation requirements are satisfied in relation to the amendment.

(2)

The consent requirements are requirements specified or described in regulations made by the Secretary of State for the purpose of obtaining the consent of interested persons, or their representatives, to amendment of a new public scheme.

(3)

The consultation requirements are requirements specified or described in regulations made by the Secretary of State for the purpose of consulting interested persons, or their representatives, about amendment of a new public scheme.

(4)

The procedure requirements are requirements which—

(a)

are specified or described in regulations made by the Secretary of State for steps to be taken before amending a new public scheme, and

(b)

are not requirements for the purpose of obtaining the consent of, or consulting, interested persons or their representatives.

(5)

In this section, “subsisting rights”, in relation to any time, means—

(a)

any right to future benefits under a new public scheme which, at that time, has accrued to or in respect of a member of the scheme,

(b)

any entitlement under a new public scheme to the present payment of a pension or other benefit which a member of the scheme has at that time, or

(c)

any entitlement to benefits, or rights to future benefits, under a new public scheme which a survivor of a member of the scheme has at that time in respect of the member.

(6)

For the purposes of the definition of “subsisting rights”—

(a)

references to pensions or other benefits (including future benefits) include money purchase benefits, and

(b)

references to a right include a pension credit right.

(7)

In this section, “interested persons”, in relation to an amendment of a scheme, means persons who appear to the Secretary of State to be likely to be affected by the amendment.

116Transfer of assets and liabilitiesI1

(1)

The Secretary of State may by regulations provide for the transfer of assets or liabilities of the AWE Pension Scheme (without the need for any approval or consent of the trustee company or AWE PLC, or any other person, to the transfer) to—

(a)

the Secretary of State,

(b)

a nominee of the Secretary of State or the Treasury, or

(c)

a company established by the Secretary of State or the Treasury for the purpose of holding the assets or the liabilities pending their disposal or discharge.

(2)

Where any assets of the AWE Pension Scheme are transferred before regulations under section 112(2) are made, regulations under this section must make provision for the purposes of—

(a)

securing the ability of the trustee company to meet any liability it has, or may have, or

(b)

securing that any such liability is to be met by the Secretary of State or the Treasury.

(3)

The regulations may in connection with those purposes, or otherwise in connection with a transfer of assets or liabilities under the regulations—

(a)

make provision for the Secretary of State or the Treasury to give directions to the trustee company or AWE PLC;

(b)

exempt the trustee company, or AWE PLC, from liability in connection with acts or omissions pursuant to any such directions;

(c)

disapply (to such extent as is specified) any specified statutory provision or rule of law;

(d)

provide for any specified statutory provision to apply (whether or not it would otherwise apply) with specified modifications;

(e)

impose a moratorium on the commencement or continuation of proceedings or other legal processes of any specified description.

(4)

“Specified” means specified in the regulations.

(5)

Regulations under this section may include provision for the making of payments into the Consolidated Fund.

117TaxationI1

(1)

The Treasury may by regulations make provision for varying the way in which any relevant tax would, apart from the regulations, have effect in relation to—

(a)

a new public scheme;

(b)

members of a new public scheme;

(c)

persons who have survived a member of a new public scheme and who have an entitlement to benefits, or a right to future benefits, under the scheme in respect of the member;

(d)

a person within section 116(1)(a), (b) or (c).

(2)

Regulations under subsection (1) may include provision for treating a new public scheme as a registered pension scheme.

(3)

The Treasury may by regulations make provision for varying the way in which any relevant tax would, apart from the regulations, have effect in relation to, or in connection with, anything done by or under, or in consequence of, regulations made under this Chapter in relation to—

(a)

the AWE Pension Scheme;

(b)

the trustee company;

(c)

AWE PLC;

(d)

the Secretary of State;

(e)

a qualifying person;

(f)

a person who has survived a qualifying person and who has an entitlement to benefits, or a right to future benefits, under the scheme in respect of the qualifying person.

(4)

Regulations under subsection (1) or (3) may include provision for any of the following—

(a)

a tax provision not to apply or to apply with modifications;

(b)

anything done to have or not to have a specified consequence for the purposes of a tax provision;

(c)

the withdrawal of relief and the charging of a relevant tax.

(5)

Provision made by regulations under subsection (1) or (3), other than provision withdrawing a relief or charging a relevant tax, may make retrospective provision.

(6)

In this section—

  • “relevant tax” means—

    1. (a)

      income tax;

    2. (b)

      capital gains tax;

    3. (c)

      corporation tax;

    4. (d)

      inheritance tax;

    5. (e)

      stamp duty and stamp duty reserve tax;

    6. (f)

      stamp duty land tax;

  • “registered pension scheme” has the meaning given in Part 4 of the Finance Act 2004;

  • “tax provision” means any provision made by or under an enactment relating to a relevant tax.

118InformationI1

(1)

The Secretary of State may by regulations make provision requiring a person specified or described in the regulations to give the Secretary of State a document or other information specified or described in the regulations.

(2)

Regulations under subsection (1) may only make provision in respect of documents or other information which the Secretary of State reasonably requires for the purposes of—

(a)

making regulations under this Chapter, or

(b)

establishing or administering a new public scheme, including transferring qualifying accrued rights to such a scheme.

(3)

Regulations under subsection (1) may, among other things, include—

(a)

provision about the time when the document or other information must be given;

(b)

provision about the form and manner in which it must be given;

(c)

provision for the imposition of a financial penalty on a person who, without reasonable excuse, fails to comply with a requirement imposed by the regulations (including provision for appeals to a court or tribunal).

(4)

For the purposes of facilitating the establishment or administration of a new public scheme, including the transfer of qualifying accrued rights to such a scheme, information described in subsection (5) may be shared among the following persons—

(a)

the Secretary of State;

(b)

the Treasury;

(c)

a trustee company of the AWE Pension Scheme;

(d)

a person who exercises functions under the AWE Pension Scheme;

(e)

AWE PLC;

(f)

a person who administers, or exercises functions under, a new public scheme.

(5)

The information is information relating to—

(a)

rights or entitlements to pensions or other benefits under the AWE Pension Scheme;

(b)

the administration of the AWE Pension Scheme;

(c)

rights or entitlements to pensions or other benefits under a new public scheme, so far as they are rights or entitlements of, or in respect of, qualifying persons;

(d)

the administration of a new public scheme.

(6)

The disclosure of information in accordance with this section, or regulations made under this section, does not breach—

(a)

any obligation of confidence owed by a person in relation to that information, or

(b)

any other restriction on the disclosure of information (however imposed).

119RegulationsI1

(1)

The Secretary of State must consult the trustee company before making—

(a)

regulations under section 112 which establish a new public scheme or transfer qualifying accrued rights to a new public scheme, or

(b)

regulations under section 116 which make provision for the transfer of assets or liabilities.

(2)

The Secretary of State may not make regulations under any provision of this Chapter, other than under section 118(1), unless the Treasury have consented to the making of the regulations.

(3)

Regulations under section 112 are subject to the affirmative procedure if—

(a)

the making of the regulations is subject to the consent requirements (see section 115), or

(b)

the regulations make provision which has retrospective effect.

(4)

Regulations under section 116 are subject to the affirmative procedure if they make provision falling with subsection (3)(c), (d) or (e) of that section.

(5)

Regulations under section 118(1) are subject to the affirmative procedure if they make provision about the amount of a financial penalty.

(6)

A statutory instrument containing regulations under section 117 is subject to annulment in pursuance of a resolution of the House of Commons.

(7)

Any other regulations under this Chapter are subject to the negative procedure.

120InterpretationI1

In this Chapter—

  • “active member” has the meaning given by section 124(1) of the Pensions Act 1995;

  • “deferred member” has the meaning given by section 124(1) of the Pensions Act 1995;

  • “enactment” includes—

    1. (a)

      an enactment comprised in subordinate legislation (within the meaning given by section 21 of the Interpretation Act 1978),

    2. (b)

      an enactment comprised in, or in an instrument made under, a Measure or Act of Senedd Cymru,

    3. (c)

      an enactment comprised in, or in an instrument made under, an Act of the Scottish Parliament,

    4. (d)

      an enactment comprised in, or in an instrument made under, Northern Ireland legislation;

  • “member” has the meaning given by section 124(1) of the Pensions Act 1995;

  • “money purchase benefits” has the meaning given by section 181 of the Pension Schemes Act 1993;

  • “new public scheme” has the meaning given by section 112(1);

  • “occupational pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993;

  • “pension credit right” has the meaning given by section 124(1) of the Pensions Act 1995;

  • “qualifying person” has the meaning given by section 112(1);

  • “the trustee company” means AWE Pension Trustees Ltd.

128Public service pension schemesI1

(1)

The Government Actuary must, before the end of the period of 12 months beginning with the day on which this section comes into force—

(a)

prepare and publish a document setting out cash flow projections for each of the next 50 years that cover the public service pension schemes within subsection (4);

(b)

provide the document to the Treasury and the Office for Budget Responsibility.

(2)

The Treasury must lay the document before Parliament.

(3)

For the purposes of this section “cash flow” means—

(a)

expenditure on benefits, and

(b)

income from member contributions.

(4)

The following public service pension schemes are within this subsection—

(a)

any scheme under section 1 of the Public Service Pensions Act 2013 (schemes for persons in public service) which—

(i)

is a defined benefits scheme (within the meaning of that Act), and

(ii)

is not a scheme for local government workers (within the meaning of that Act);

(b)

any scheme under section 1 of the Public Service Pensions Act (Northern Ireland) 2014 (schemes for persons in public service) which—

(i)

is a defined benefits scheme (within the meaning of that Act), and

(ii)

is not a scheme for local government workers (within the meaning of that Act).