Summary
8.The Act sets out the new arrangements for the creation of schemes for the payment of pensions and other benefits. It provides powers to Ministers to create such schemes according to a common framework of requirements. The Act provides powers to the Treasury to set specific technical details of certain requirements. It also gives powers to the Pensions Regulator to operate a system of independent oversight of the operation of these schemes.
9.It is intended that the powers in the Act will supersede powers to create schemes for the payment of pensions and other benefits, including those contained in the following legislation:
	Superannuation Act 1972, for civil servants, people employed in local government service, teachers and persons engaged in health services;
	Fire and Rescue Services Act 2004;
	Armed Forces (Pensions and Compensation) Act 2004;
	Police Pensions Act 1976;
	Judicial Pensions Act 1981; and
	Judicial Pensions and Retirement Act 1993.
10.The Act protects the benefits already earned by members of existing public service pension schemes and allows continued membership of those schemes for certain categories of person who are closest to retirement.