Section 118 InformationI1

United Kingdom

(1)

The Treasury may by regulations make provision requiring a person specified or described in the regulations to give the Treasury 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 Treasury reasonably require for the purposes of—

(a)

making regulations under this Part,

(b)

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

(c)

administering arrangements under which a qualifying liability arises.

(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—

(a)

information described in subsection (5)(a) may be shared among persons listed in subsection (5)(b), and

(b)

information described in subsection (6)(a) may be shared among persons listed in subsection (6)(b).

(5)

For the purposes of subsection (4)(a)—

(a)

the information is information relating to—

(i)

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

(ii)

the administration of the BBS Pension Scheme;

(iii)

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, persons who were members of the BBS Pension Scheme;

(iv)

the administration of a new public scheme, so far as relevant to rights or entitlements described in sub-paragraph (iii);

(b)

the persons are—

(i)

the Treasury;

(ii)

UK Asset Resolution Limited;

(iii)

a trustee of the BBS Pension Scheme;

(iv)

a person who exercises functions under the BBS Pension Scheme;

(v)

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

(6)

For the purposes of subsection (4)(b)—

(a)

the information is information relating to—

(i)

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

(ii)

the administration of the NRAM Pension Scheme;

(iii)

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, persons who were members of the NRAM Pension Scheme;

(iv)

the administration of a new public scheme, so far as relevant to rights or entitlements described in sub-paragraph (iii);

(b)

the persons are—

(i)

the Treasury;

(ii)

UK Asset Resolution Limited;

(iii)

a trustee of the NRAM Pension Scheme;

(iv)

a person who exercises functions under the NRAM Pension Scheme;

(v)

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

(7)

For the purposes of facilitating the transfer of qualifying liabilities or the administration of an arrangement under which such liabilities arise—

(a)

information relating to qualifying liabilities of UK Asset Resolution Limited may be shared among persons listed in subsection (8)(a) and (b),

(b)

information relating to qualifying liabilities of Bradford & Bingley Limited may be shared among persons listed in subsection (8)(a), (b) and (c), and

(c)

information qualifying liabilities of NRAM Limited may be shared among persons listed in subsection (8)(a), (b) and (d).

(8)

For the purposes of subsection (7), the persons are—

(a)

the Treasury;

(b)

UK Asset Resolution Limited;

(c)

Bradford & Bingley Limited;

(d)

NRAM Limited.

(9)

Except as provided by subsection (10), 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).

(10)

This section and regulations made under this section do not require or authorise a disclosure of information if the disclosure would contravene the data protection legislation (but in determining whether a disclosure would do so, take into account a duty imposed or power conferred by this section or the regulations).

(11)

In this section, “the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act).

Annotations

Commencement

I1: S. 118 in force at 10.5.2022, see s. 131(3)