Commentary on Sections Incidental functions Section 71: Pensions
193.This section allows for a share transfer instrument or order or a property transfer instrument to make provision in relation to pensions. The power may be exercised to make provision about the consequences of a transfer of securities or property etc. for pension schemes. For example, the need to make such provision could arise when the pension schemes of employees who are subject to the transfer form part of the pension scheme of a wider corporate group.
194.Subsection (5) provides that this power may be exercised only by the Bank of England, with the consent of the Treasury.