Public Service Pensions and Judicial Offices Act 2022

116 Transfer of other pensions and benefits

(1) The Treasury may by regulations make provision for the transfer to the Treasury of any of the following—

(a) qualifying liabilities of Bradford & Bingley Limited or NRAM Limited;

(b) qualifying liabilities of UK Asset Resolution Limited.

(2) In this Part, “qualifying liability” means a liability to pay a pension or other benefit to or in respect of a person in connection with the person’s past service as an employee or office-holder of Bradford & Bingley Limited, Northern Rock Plc or another entity, other than a liability arising under the BBS Pension Scheme or the NRAM Pension Scheme.

(3) The Treasury may by regulations provide for a relevant enactment to apply with modifications, or not to apply, to an arrangement under which a qualifying liability arises that is an occupational pension scheme.

(4) In subsection (3), “relevant enactment” means an enactment that—

(a) relates or refers to occupational pension schemes, and

(b) is specified or described in regulations under subsection (3).

(5) The Treasury may by regulations—

(a) provide for an arrangement under which a qualifying liability arises to be treated as a particular 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 the arrangement subject to modifications specified in the regulations.