Member

146: After Clause 110, insert the following new Clause— “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 (Establishment of new public schemes and transfer of rights)(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;(e) in relation to any persons who are active members of the AWE Pension Scheme which differs from the provision made in relation to persons who are deferred members of the AWE Pension Scheme, other than provision in relation to qualifying accrued rights.(2) Regulations under section (Establishment of new public schemes and transfer of rights)(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 (Establishment of new public schemes and transfer of rights)(1) amending a new public scheme may make retrospective provision.(4) Regulations under section (Establishment of new public schemes and transfer of rights)(1) may—(a) confer functions on the Secretary of State or another person; (b) provide for a person to exercise a discretion in dealing with a matter.(5) The Secretary of State 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 Secretary of State 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.”Member's explanatory statement This new clause contains further provision about the transfer of the AWE Pension Scheme. It will be the second clause of the new Chapter referred to in the explanatory statement for the amendment in the name of Baroness Sherlock to insert the new clause “Establishment of new public schemes and transfer of rights”.