Public body pension schemes

I130New public body pension schemes

1

The following provisions of this Act apply in relation to a new public body pension scheme (and any statutory pension scheme that is connected with it) as to a scheme under section 1 (and any connected scheme)—

a

section 3(1) and (2) and Schedule 3 (scheme regulations);

b

section 4 (scheme manager);

c

sections 5 and 6 (pension board), if the scheme has more than one member;

d

sections 8 to 10 (scheme design);

e

sections 11 F2to 12A (cost control);

f

sections 14 to 16 (information and records).

2

For the purposes of subsection (1), the provisions referred to in that subsection are to be read with the following modifications—

a

references to scheme regulations are to be read as references to the rules of the scheme;

b

references to the responsible authority are to be read as references to the public authority which established the scheme.

3

A new public body pension scheme, and any variation to the rules of the scheme, requires the consent of the Treasury.

4

This section does not apply to a new public body pension scheme which relates to a devolved body or office.

F34A

The following provisions of this section do not apply to a new public body pension scheme which is made under section 20(3) of the Government of Wales Act 2006 (remuneration of members of the Senedd: pensions)—

a

subsection (1)(e) (cost control);

b

subsection (3) (Treasury consent).

5

In this Act—

  • “public body pension scheme” means a scheme (other than an existing scheme F1or a scheme established under section 18A of the Judicial Pensions and Retirement Act 1993 ) established by a public authority for the payment of pensions and other benefits to or in respect of members or staff of a statutory body or the holder of a statutory office;

  • “new public body pension scheme” means a public body pension scheme established after the coming into force of this section.