(1)When making regulations under section 111 which transfer qualifying accrued rights to a new public scheme, the Treasury must ensure that the following requirements are met in respect of each person whose qualifying accrued rights are transferred—
(a)the general scheme requirement (see subsection (2)), and
(b)where the qualifying accrued rights transferred are a person’s rights or entitlements to money purchase benefits other than pensions in payment, the money purchase requirement (see subsection (3)).
(2)The general scheme requirement is that, so far as relevant to the qualifying accrued rights transferred by the regulations, the provision in the new public scheme immediately after the regulations are made is in all material respects at least as good as the provision in the BBS Pension Scheme or the NRAM Pension Scheme (as appropriate) immediately before that time.
(3)The money purchase requirement is that the value of the rights or entitlements to money purchase benefits, other than pensions in payment, that a person has under the new public scheme immediately after, and as a result of, the transfer is at least equivalent to the value of the qualifying accrued rights of the person that are transferred.
(4)The Treasury may by regulations make provision about the determination of the value of rights or entitlements for the purposes of subsection (3).
(5)Regulations under subsection (4) may, among other things—
(a)make provision about the person by whom, and the manner in which, the value of rights or entitlements is to be determined,
(b)make provision about the date or period by reference to which the value of the qualifying accrued rights transferred is to be determined (subject to subsection (6)), and
(c)make provision that applies generally or only for a specific purpose (for example, in relation to a particular transfer).
(6)Regulations under subsection (4) may not make provision for the value of the qualifying accrued rights transferred to be determined by reference to a date which falls, or a period which ends, more than three months before the transfer.
(7)Subsection (1) does not require provision to be included in a new public scheme if the Treasury is of the opinion that the provision would be incompatible with an enactment (including an enactment applying as a result of any provision made by or under this Part).
(8)Nothing in subsections (1) to (3) is to be read as—
(a)requiring particular provisions of a new public scheme to take a particular form,
(b)requiring a new public scheme to be established in a particular way,
(c)requiring any power or duty conferred or imposed by a new public scheme to be exercised or performed in a particular way, or
(d)affecting any power of any person to amend a new public scheme.