Part 2: Pensions and Banking (Special Provisions) Act 2008 Bodies Section 118: Information
Section 118(1) allows the Treasury, by regulations, to make provision, to require prescribed persons to disclose information prescribed in the regulations to the Treasury.
	Section 118(2) ensures that provisions under section 118(1) may only apply in respect of information which the Treasury reasonably requires for: making regulations under this Part of the Act; establishing or administering a new public scheme, including the transfer of accrued rights to the scheme; or administering arrangements under which a qualifying liability arises.
	Section 118(3) allows regulations under section 118(1) to make provision about: the time, form and manner in which the information must be given; and the imposition of a financial penalty on a person who fails to comply with a requirement under the regulations without a reasonable excuse. This includes provision for appeals to a court or tribunal.
	Section 118(4)(a) and (5) allow for information relating to rights or entitlements to pensions and or other benefits under the BBS Pension Scheme, or a new public scheme (so long as the rights and entitlements are for or in respect of persons who were members of the BBS Pension Scheme), and information relating to the administration of the BBS Pension Scheme or the new public scheme, to be shared between certain parties. These parties are: the Treasury; UK Asset Resolution; the trustees of the BBS Pension Scheme; or any persons administering or exercising functions under the BBS Pension Scheme or a new public scheme.
	Section 118(4)(b) and 118(6) allows for information relating to rights or entitlements to pensions and or other benefits under the NRAM Pension Scheme, or a new public scheme (so long as those rights and entitlements are for or in respect of persons who were members of the NRAM Pension Scheme), and information relating to and the administration of the NRAM Pension Scheme or the new public scheme, to be shared between certain parties. These parties are: the Treasury; UK Asset Resolution; the trustees of the NRAM Pension Scheme; or any persons administering or exercising functions under the NRAM Pension Scheme or a new public scheme.
	Section 118(7) and 118(8) ensure that the information sharing arrangements also apply to qualifying liabilities of UK Asset Resolution Limited; Bradford & Bingley; and NRAM Limited. These sections provide for:
information relating to qualifying liabilities of UK Asset Resolution to be shared between UK Asset Resolution and the Treasury;
information relating to qualifying liabilities of Bradford & Bingley to be shared between UK Asset Resolution; the Treasury; and Bradford & Bingley;
information relating to qualifying liabilities of NRAM Limited to be shared between UK Asset Resolution; the Treasury; and NRAM Limited.
	Section 118(9) ensures that, except under section 118(10), the disclosure of information under this section does not breach any restriction on the disclosure of that information, including any obligation of confidence that exists in relation to that information.
	Section 118(10) makes clear that this section or regulations made under it do not make provision for the disclosure of information if that disclosure would breach data protection legislation. It also makes clear that duties or powers imposed by this section or the regulations must be considered when determining whether a disclosure would constitute such a breach.