Overview

This bill aims to correct unlawful discrimination in public service pension schemes, establish new schemes for certain publicly owned bodies, and adjust the retirement dates and conditions for judicial office holders.

Description

The bill addresses issues arising from the Public Service Pensions Act 2013 and its Northern Ireland equivalent. It makes retrospective provisions to rectify discriminatory restrictions on certain public service pension schemes, including those for teachers and firefighters. The bill allows for corrections to pension benefits and contributions, providing for compensation where necessary. Members will have the option to choose benefits under the old or new scheme. Furthermore, the bill establishes new pension schemes for employees of bodies that came under public ownership through the Banking (Special Provisions) Act 2008. Finally, it modifies retirement dates and conditions for specific judicial offices, and introduces the concept of "sitting in retirement offices" allowing retired judges to continue service in specific circumstances.

Key Aspects:

• Corrects discriminatory pension scheme restrictions: Retroactively addresses issues of unfair treatment in existing schemes.
• Creates new pension schemes: Establishes new schemes for employees of banks nationalised in 2008.
• Adjusts judicial retirement: Changes retirement ages and conditions for judges.
• Introduces "sitting in retirement offices": Allows for continued judicial service post-retirement under specific circumstances.
• Provides compensation mechanisms: Allows for the payment of compensation to individuals who suffered financial losses due to the discriminatory restrictions.

Government Spending

The bill will likely increase government spending due to the compensation payments and adjustments to pension benefits. Exact figures are not provided within the bill text.

Groups Affected

• Public service pension scheme members: May receive compensation or adjusted benefits depending on their individual circumstances and scheme membership.
• Employees of banks nationalised in 2008: Will be covered by newly established pension schemes.
• Judicial office holders: Will be affected by changes to retirement dates and allowances.
• UK Government: Will bear the financial burden of compensation payments and pension scheme adjustments.
• Employers: May be required to reimburse the government for some compensation paid.

Powered by nyModel