OpenLegislation

Section 112 New public schemes: further provisionI1

United Kingdom

(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.

Annotations

Commencement

I1

S. 112 in force at 10.5.2022, see s. 131(3)