Part 2: Pensions and Banking (Special Provisions) Act 2008 Bodies Section 114: Protection against adverse treatment: amendment of new public schemes
Section 114(1) provides that the Treasury may not exercise its power to make regulations to amend a new public scheme, if those amendments would or may adversely affect individuals’ subsisting rights, unless the requirement for the consent of interested persons or their representatives under section 114(2), or the procedure requirements in section 102(4), have been met. In all other cases, the requirements for the consultation of interested persons or their representatives in section 114(3) must be met.
	Section 114(2) provides that the consent requirements will be specified or described in regulations made by the Treasury.
	Section 114(3) provides that the consultation requirements will be specified or described in regulations made by the Treasury.
	Section 114(4) provides that procedure requirements will also be specified or described in regulations made by the Treasury. It also specifies that these are not requirements for the consent or consultation of interested persons or their representatives.
	Section 114(5) to 114(7) provide definitions for terms used in this section.