Part 2: Pensions and Banking (Special Provisions) Act 2008 Bodies Section 113: Protection against adverse treatment: transfer of rights
This section provides protection against the accrued rights of members of the BBS or NRAM Pension Scheme being adversely affected by the transfer of their rights to a new public scheme.
	Section 113(1) imposes an obligation on the Treasury, when making regulations under section 99 which transfer qualifying accrued rights to a new public scheme, to ensure that the general scheme requirement under section 113(2) is met. It also imposes an obligation on the Treasury where qualifying accrued rights are money purchase benefits which are not in payment, to ensure that the money purchase requirement under section 113(3) is met.
	Section 113(2) defines the general scheme requirement: the provision in the new public scheme in respect of qualifying accrued rights must be, in all material respects, at least as good immediately after the regulations are made, as under the BBS or NRAM Pension Scheme (as appropriate) immediately before that time.
	Section 113(3) defines the money purchase requirement: the value of a person’s money purchase benefits (other than pensions in payment) under a new public scheme, immediately after the transfer, must be at least equivalent to the value of their qualifying accrued rights under the BBS Pension Scheme or NRAM Pension Scheme (as appropriate). Pensions in payment are not included in this section. This is because they will not be money purchase benefits in a new public scheme, under the statutory definition of section 181 of the Pension Schemes Act 1993. Qualifying accrued rights to pensions in payment will however be protected under the general requirement.
	Section 113(4) provides that the Treasury may make regulations about the determination of the value of money purchase benefits for the purposes of section 113(3).
	Section 113(5) permits regulations under section 113(4) to make provision about the person by whom and manner by which the value of rights or entitlements are valued. It also enables these regulations to make other provisions.
	Section 113(6) makes clear that section 113(4) may not provide for the value of qualifying accrued rights to be determined by reference to a date more than three months before the transfer.
	Section 113(7) provides that section 113(1) does not require the Treasury to include any provision in a new scheme if the Treasury is of the opinion that such provision would be incompatible with an enactment.
	Section 113(8) makes clear that section 113(1) to 113(3) should not be read as: requiring a new scheme to take a particular form; to be established in a particular way; requiring any duty or power imposed by a new scheme to be performed in a particular way; or affecting the power of any person to amend a new scheme.