Public Service Pensions and Judicial Offices Act 2022

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.