Commentary on Sections General Section 307: Modification of this Act in relation to certain categories of schemes
1284.Subsection (1) states that the provisions mentioned in subsection (2) may be modified by regulations in relation to hybrid and multi-employer schemes and in relation to any case where a partnership is the employer, or one of the employers, in relation to an occupational pension scheme. Subsection (2) sets out the provisions that may be modified. Subsection (3) provides a power for the Secretary of State to modify by regulations Part 2 of the Act in relation to an eligible scheme that has a guarantee provided by a relevant public authority (defined in subsection (4)) in relation to some or all of the benefits or liabilities of the scheme.
1285.Subsection (4) sets out the meaning of the terms “hybrid scheme”, “multi-employer scheme”, “eligible scheme” and “relevant public authority”. “Hybrid scheme” is an occupational pension scheme which is not a money purchase scheme, but where some of the benefits that may be provided are money purchase benefits attributable to voluntary contributions of the members, or other money purchase benefits. “Multi-employer scheme” means an occupational pension scheme in relation to which there is more than one employer. “Eligible scheme” has the meaning given in section 126. “Relevant public authority” means a Minister of the Crown, a government department or the Scottish Ministers.