(1)A new public scheme may include provision—
(a)for pensions or other benefits to be payable to or in respect of some or all persons described in section 111(1);
(b)for the provision of money purchase benefits or benefits that are not money purchase benefits (or both);
(c)for increasing in particular circumstances the amounts payable in respect of qualifying accrued rights;
(d)for the payment or receipt of transfer values or other lump sum payments for the purpose of creating rights to benefits under a new public scheme or otherwise.
(2)Regulations under section 111(1) may—
(a)provide for a new public scheme to be treated as an occupational pension scheme, a previously contracted-out scheme or another type of occupational pension scheme for the purposes of an enactment specified or described in the regulations;
(b)provide for the enactment to apply in relation to a new public scheme subject to modifications specified in the regulations.
(3)Regulations under section 111(1) amending a new public scheme may make retrospective provision.
(4)Regulations under section 111(1) may—
(a)confer functions on the Treasury or another person;
(b)provide for a person to exercise a discretion in dealing with a matter.
(5)The Treasury may—
(a)make arrangements for a new public scheme to be administered by any person;
(b)delegate to any person a function exercisable by the Treasury under a new public scheme.
(6)In this section, a “previously contracted-out scheme” means a scheme that before 6 April 2016 was a salary related contracted-out scheme within the meaning of Part 3 of the Pension Schemes Act 1993.