SCHEDULES
C1SCHEDULE 8Pensions
Part 2Extensions of certain pension schemes
I12
1
The NDA may, by direction, make such modifications of a relevant pension scheme as it considers appropriate for purposes connected with extending the groups of persons who may participate in the scheme to—
a
employees of a qualifying employer;
b
directors or other officers of a qualifying employer who are not employees of the employer.
2
The NDA may also, by direction, make such further modifications of a relevant pension scheme that has been modified by a direction under sub-paragraph (1) as it considers appropriate for purposes connected with conferring functions in relation to the scheme’s operation or management on the NDA.
3
For the purposes of this paragraph a person is a qualifying employer in relation to a relevant pension scheme if—
a
a transfer is made in accordance with a nuclear transfer scheme; and
b
in consequence of that transfer persons falling within sub-paragraph (4) become employees, or directors or other officers, of that person.
4
A person falls within this sub-paragraph if immediately before the transfer in question takes effect, he—
a
is a participant in the relevant pension scheme in question;
b
is eligible to become such a participant; or
c
would be eligible to become such a participant had he attained an age, or fulfilled a condition, specified in that scheme.
5
Where employees, or directors or other officers, of a qualifying employer participate in a pension scheme by virtue of a direction under this paragraph, the employer must pay to the trustee of the scheme in respect of that participation—
a
such amounts as may be determined in accordance with the rules of the scheme; or
b
such higher amounts as may be determined by the Secretary of State.
6
The modifications of a pension scheme that may be made under this paragraph include modifications that make supplemental, consequential or transitional provision.
7
The modifications of a pension scheme that may be made under this paragraph do not include modifications that would, to any extent, deprive a member of the scheme of pension rights that accrued to him under the scheme before the coming into force of the modification.
8
Before making a modification of a pension scheme under this paragraph the NDA must consult—
a
the trustee of the scheme; and
b
such persons as appear to the NDA to represent the employees, or directors or other officers, likely to be affected by the modification.
9
The consent of the Secretary of State is required for the giving of a direction under this paragraph.
10
In this paragraph “relevant pension scheme” means—
a
a nuclear pension scheme maintained by or on behalf of a nuclear company which is wholly-owned by the Crown;
b
a nuclear pension scheme designated as a relevant pension scheme for the purposes of this paragraph by an order made by the Secretary of State.
Sch. 8: power to amend conferred (26.10.2023) by Energy Act 2023 (c. 52), ss. 315, 334(2)(o)