69 Reduction of cash equivalents: funded public service defined benefits schemes: Great Britain
Pension Schemes Act 2015 (2015 c 8) | Legislation

69  Reduction of cash equivalents: funded public service defined benefits schemes: Great Britain

(1)     The Pension Schemes Act 1993 is amended as follows.

(2)     In section 97 (calculation of cash equivalents), in subsection (1)—

() after “verified” insert

“Ĕ

()

(b)     at the end insert

“, and

(b)     where a designation has been made under section 97A or 97B, in accordance with regulations under section 97C.”

(3)     After section 97 insert—

“97A Designation of funded public service defined benefits schemes

(1)     This section applies to funded public service defined benefits schemes other than schemes to which section 97B applies (equivalent provision for certain Scottish schemes).

A scheme to which this section applies is referred to below as an “eligible scheme”.

(2)     The relevant person may designate an eligible scheme as a scheme to which regulations under section 97C are to apply for a specified period of no more than 2 years.

(3)     The power under subsection (2) may be exercised only if the relevant person considers that—

() there is an increased likelihood of payments out of public funds, or increased payments out of public funds, having to be made into the scheme so that it can meet

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