Banking Act 2009

71 Pensions

(1) This section applies to—

(a) share transfer orders,

(b) share transfer instruments, and

(c) property transfer instruments.

(2) An order or instrument may make provision—

(a) about the consequences of a transfer for a pension scheme;

(b) about property, rights and liabilities of any pension scheme of the bank.

(3) In particular, an order or instrument may—

(a) modify any rights and liabilities;

(b) apportion rights and liabilities;

(c) transfer property of, or accrued rights in, one pension scheme to another (with or without consent).

(4) Provision by virtue of this section may (but need not) amend the terms of a pension scheme.

(5) A share or property transfer instrument may make provision in reliance on this section only with the consent of the Treasury.

(6) In this section—

(a) “pension scheme” includes any arrangement for the payment of pensions, allowances and gratuities, and

(b) a reference to a pension scheme of a bank is a reference to a scheme in respect of which the bank, or a group company of the bank, is or was an employer.

(7) In subsection (6)(b) the reference to a group company of the bank is a reference to anything that is or was a group undertaking in relation to the bank within the meaning given by section 1161(5) of the Companies Act 2006.