F4F2Part 4ZATransfers and contribution refunds

Annotations:
Amendments (Textual)
F4

Pt. 4ZA formed from Pt. 4 Chs. 4, 5 (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 4(1)

C1C13C7C4C2C12C3C6C11C9C10C8C5C14C15C16C17F3Chapter 1Transfer rights: general

Annotations:
Amendments (Textual)
Modifications etc. (not altering text)
C1

Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) applied (31.5.1994) by The Railway Pensions (Protection and Designation of Schemes) Order 1994 (S.I. 1994/1432), arts. 1(1), 6(4)

C15

Pt. 4ZA Ch. 1: power to modify conferred (5.9.2018 for specified purposes, 1.10.2018 in so far as not already in force) by Pension Schemes Act 2017 (c. 17), s. 44(2), Sch. 1 para. 1(6)(a); S.I. 2018/965, reg. 2(a)(b)

C16

Pt. 4ZA Ch. 1: power to modify conferred (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 2 para. 1(6)(a); S.I. 2022/721, regs. 1(2), 3(a)

97BF1Designation of funded public service defined benefits schemes: Scotland

1

This section applies to a funded public service defined benefits scheme that is—

a

a scheme established by, or with the approval of, the Scottish Ministers;

b

a scheme established by virtue of section 81(4)(b) of the Scotland Act 1998.

A scheme to which this section applies is referred to below as an “eligible scheme”.

2

The relevant person may designate an eligible scheme as a scheme to which regulations under section 97C are to apply for a specified period of no more than 2 years.

3

The power under subsection (2) may be exercised only if the relevant person considers that—

a

there is an increased likelihood of payments out of public funds, or increased payments out of public funds, having to be made into the scheme so that it can meet its liabilities, and

b

the increased likelihood is connected with the exercise or expected future exercise of rights to take a cash equivalent acquired under section 94.

4

The power under subsection (2) may be exercised in relation to the whole or any part of a scheme.

5

In the application of subsection (3) to part of a scheme, paragraph (a) is to be read as if it referred to the scheme's liabilities relating to that part.

6

A designation under subsection (2)—

a

may be extended (on more than one occasion) for a period of no more than 2 years;

b

may be revoked.

7

The relevant person must give notice in writing of a designation or its extension or revocation to the trustees or managers of the scheme (except in a case where the relevant person is the trustees or managers).

8

If the trustees or managers of an eligible scheme, or part of such a scheme, which is not designated under this section consider that the conditions in paragraphs (a) and (b) of subsection (3) are met in relation to the scheme or part they must notify the Scottish Ministers.

9

If the trustees or managers of a scheme, or part of a scheme, that is designated under this section consider that the conditions in paragraphs (a) and (b) of subsection (3) are no longer met in relation to the scheme or part they must notify the Scottish Ministers.

10

In this section—

  • “eligible scheme” has the meaning given by subsection (1);

  • “funded public service defined benefits scheme” means a public service pension scheme that—

    1. a

      is a defined benefits scheme within the meaning given by section 37 of the Public Service Pensions Act 2013, and

    2. b

      meets its liabilities out of a fund accumulated for the purpose during the life of the scheme;

  • “payment out of public funds” means a payment provided directly or indirectly—

    1. a

      out of the Scottish Consolidated Fund, or

    2. b

      by a council constituted under section 2 of the Local Government etc. (Scotland) Act 1994;

  • “the relevant person” means—

    1. a

      in relation to a scheme falling within subsection (1)(a), the Scottish Ministers;

    2. b

      in relation to a scheme falling with subsection (1)(b), the trustees of the Scottish Parliamentary Contributory Pension Fund.

11

The Scottish Ministers may by regulations modify the definition of “the relevant person” in subsection (10).