Part 2: Pensions and Banking (Special Provisions) Act 2008 Bodies Section 111: Establishment of new public schemes and transfer of rights
Section 111(1) allows the Treasury to make regulations to establish one or more new pension schemes to provide for pension payments and other benefits to and in respect of persons who are, or have been, members of the BBS Pension Scheme or the NRAM Pension Scheme.
	Section 111(2) allows the Treasury to make regulations to transfer qualifying accrued rights from the BBS Pension Scheme and the NRAM Pension Scheme to a new public scheme, without requiring any approval or consent.
	Section 111(3) allows regulations under section 111(2) to include provision for the discharge of any liabilities that are transferred under section 111(2). This may be used to discharge the liabilities of the trustees of the BBS Pension Scheme and the NRAM Pension Scheme.
	Section 111(4) and 111(5) define the qualifying accrued rights that may be transferred to a new public scheme. These include rights or entitlements to and in respect of members of BBS or NRAM pension scheme, and their survivors, to present or future benefits under the relevant scheme. This includes rights and entitlements to money purchase benefits, also known as defined contribution pensions, and pension credit rights, which are rights provided to an ex-spouse or ex-civil partner under a pension sharing order.
	Section 111(4) provides that qualifying accrued rights are rights that exist immediately before "the qualifying time" specified in regulations by the Treasury.
	Section 111(6) provides that regulations specifying or describing "the qualifying time" may make provision for transfers of qualifying accrued rights generally, or for other transfers. This means that these regulations may specify "the qualifying time" in relation to these types of transfers.