Part 2: Pensions and Banking (Special Provisions) Act 2008 Bodies Section 112: New public schemes: further provision
Section 112(1) allows a new public scheme to provide for:
the payment of pensions or benefits to or in respect of some or all persons who are, or have been, members of the BBS Pension Scheme or the NRAM Pension Scheme;
the payment of money purchase benefits and/or benefits which are not money purchase benefits;
increasing the amounts payable in respect of qualifying accrued rights by the new scheme; and
the payment or receipt of transfer values or other lump sum payments.
	A new public scheme established under section 99 would not come within the definition of an occupational pension scheme in section 1(1) of the Pension Schemes Act 1993. Section 112(2) allows for regulations to provide for a new scheme to be treated as an occupational pension scheme. Section 112(2) also enables regulations to provide that a new public scheme to be treated as a previously contracted-out scheme. This will allow a new public scheme to make provision for qualifying accrued rights that were contracted out under the BBS Pension Scheme or the NRAM Pension Scheme. Finally, section 112(2) enables a new scheme to be treated as another type of occupational pension scheme, such as a public service pension scheme under section 1(1) of the Pension Schemes Act 1993. It also provides for such an enactment to apply to a new public scheme with modifications specified in the regulations.
	Section 112(3) provides that regulations that amend a new public scheme may have retrospective effect. This would be subject to the affirmative procedure under section 107. Such powers are common in public service pensions legislation. For example, it may be necessary to adjust schemes to accommodate changes in law or where the Government does not want to delay the benefit of a particular change but needs time to consider the consequences and appropriate method of making the change.
	Section 112(4) permits regulations under section 112(1) to confer functions on the Treasury or another person, and for that person to exercise discretion.
	Section 112(5) allows the Treasury to make arrangements for a new public scheme to be administered by any person, and to delegate to any person a function exercisable by the Treasury (such as the administration of the scheme) under the new public scheme.