Public Service Pensions Act 2013
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Change 1
8 Types of scheme
(1) Scheme regulations may establish a scheme under section 1 as— (a) a defined benefits scheme, (b) a defined contributions scheme, or (c) a scheme of any other description. (2) A scheme under section 1 which is a defined benefits scheme must be— (a) a career average revalued earnings scheme, or (b) a defined benefits scheme of such other description as Treasury regulations may specify. (3) Treasury regulations may not specify a final salary scheme under subsection (2)(b). (4) A scheme under section 1 is a “career average revalued earnings scheme” if— (a) the pension payable to or in respect of a person, so far as it is based on the person's pensionable service, is determined by reference to the person's pensionable earnings in each year of pensionable service, and (b) those earnings, or a proportion of those earnings accrued as a pension, are under the scheme revalued each year until the person leaves pensionable service. (4A) The extent to which a scheme under section 1 is a career average revalued earnings scheme is not affected by provision contained in scheme regulations that is made under section 78 of PSPJOA 2022 (local government schemes: power to pay final salary benefits). (5) Treasury regulations under this section are subject to the negative Commons procedure.
8 Types of scheme
(1) Scheme regulations may establish a scheme under section 1 as— (a) a defined benefits scheme, (b) a defined contributions scheme, or (c) a scheme of any other description. (2) A scheme under section 1 which is a defined benefits scheme must be— (a) a career average revalued earnings scheme, or (b) a defined benefits scheme of such other description as Treasury regulations may specify. (3) Treasury regulations may not specify a final salary scheme under subsection (2)(b). (4) A scheme under section 1 is a “career average revalued earnings scheme” if— (a) the pension payable to or in respect of a person, so far as it is based on the person's pensionable service, is determined by reference to the person's pensionable earnings in each year of pensionable service, and (b) those earnings, or a proportion of those earnings accrued as a pension, are under the scheme revalued each year until the person leaves pensionable service. (4A) The extent to which a scheme under section 1 is a career average revalued earnings scheme is not affected by provision contained in scheme regulations that is made under section 78 of PSPJOA 2022 (local government schemes: power to pay final salary benefits). (5) Treasury regulations under this section are subject to the negative Commons procedure.
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