Public Service Pensions and Judicial Offices Act 2022
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Change 1
112 New public schemes: further provision
(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.
112 New public schemes: further provision
(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.
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