Cost control

Sections 11 and 12: restricted schemes
12A
1
Section 11(1) (valuations) does not require scheme regulations to provide for actuarial valuations to be made of a scheme to which this section applies.
2
Section 12(1) (employer cost cap) does not apply to a scheme to which this section applies.
3
This section applies to a scheme under section 1 which—
a
is a restricted scheme, and
b
is specified for the purposes of this section in regulations made by the Department of Finance.
4
For the purposes of this section a scheme under section 1 is a “restricted scheme” at any time if any statutory provision restricts the provision of benefits under the scheme to or in respect of a person in relation to the person’s service after that time.
5
Regulations made by the Department of Finance under this section may include consequential or supplementary provision.
6
Regulations made by the Department of Finance under this section are subject to negative resolution.
S. 12A inserted (10.3.2022 for specified purposes, 1.4.2022 in so far as not already in operation) by Public Service Pensions and Judicial Offices Act 2022 (c. 7), ss. 95(13), 131(1)(2)(f)