Public body pension schemes
31New public body pension schemes
1
The following provisions of this Act apply in relation to a new public body pension scheme (and any statutory pension scheme that is connected with it) as to a scheme under section 1 (and any connected scheme)—
a
section 3(1) and (2) and Schedule 3 (scheme regulations);
b
section 4 (scheme manager);
c
sections 5 and 6 (pension board), if the scheme has more than one member;
d
sections 8 to 10 (scheme design);
e
sections 11 and 12 (cost control);
f
sections 14 to 16 (information and records).
2
For the purposes of subsection (1), the provisions referred to in that subsection are to be read with the following modifications—
a
references to scheme regulations are to be read as references to the rules of the scheme;
b
references to the responsible authority are to be read as references to the public authority which established the scheme.
3
A new public body pension scheme, and any variation to the rules of the scheme, requires the consent of the Department of Finance and Personnel.
4
In this Act—
“public body pension scheme” means a scheme (other than an existing scheme) established by a public authority for the payment of pensions and other benefits to or in respect of members or staff of a statutory body or the holder of a statutory office;
“new public body pension scheme” means a public body pension scheme established after the coming into force of this section.