Great Northern Railway Act, 1958

Continuance of existing superannuation schemes in relation to employees and former employees of outgoing Board.

15.—(1) In this section—“existing superannuation scheme” means a pension or staff fund referred to in the scheduled agreement in so far as it applies to—

(a) any former officer or servant of the outgoing Board transferred or seconded to the Board, or

(b) any person who, immediately before the transfer date, is entitled to benefit under any such fund and who was resident in the State when he first became so entitled;

“member” means any such former officer or servant or person so entitled.

(2) The outgoing Board shall transfer to the Board the securities and moneys held by it for the purposes of an existing superannuation scheme certified by an actuary appointed jointly by the Minister and the Ministry to be appropriate to its members to be held by the Board for the same purposes.

(3) The Board, subject to the approval of the Minister, shall from time to time appoint trustees for the purposes of any existing superannuation scheme and shall transfer the securities and moneys held by it for the purposes of the scheme to the said trustees.

(4) Subject to the provisions of this section, every existing superannuation scheme and the management thereof shall, on and after the transfer date, continue in being.

(5) For the purposes of any enactment and of rules and regulations relating to any existing superannuation scheme, the following provisions shall, on and after the transfer date, have effect:

(a) any power of the outgoing Board or any officer thereof in relation to the said scheme may be exercised by the Board or any officer of the Board authorised by the Board in that behalf;

(b) the service or employment or dismissal under or by the Board of any officer or servant of the outgoing Board who is employed by the Board shall be deemed to be service or employment or dismissal under or by the outgoing Board;

(c) where under the rules of the said scheme the outgoing Board is empowered to appoint officers and servants to any managing committee, the Board in exercising those powers shall appoint officers or servants of the Board who are members of the said scheme or who, but for this Act or the Act of 1953, would have been eligible for appointment to such managing committee.

(6) The obligations, whether obtaining legally or by customary practice, of the outgoing Board in respect of any existing superannuation scheme and in respect of every member of the said existing superannuation scheme shall be binding on the Board.

(7) All persons who are or have been members of any existing superannuation scheme and all persons claiming in right of any such members shall be entitled to the same benefits, rights and privileges and subject to the same obligations, whether obtaining legally or by customary practice, as such persons would have been or might have become entitled or subject to but for this Act.

(8) Any former officer or servant of the outgoing Board transferred to the Board who is not a member of any existing superannuation scheme shall, so long as he remains in the service of the Board, have the same right (if any) to become a member of any such scheme as he would have had but for this Act if he had remained in the service of the outgoing Board.

(9) An officer or servant of the Board who is a member of an existing superannuation scheme shall not be eligible to become a member of a superannuation scheme established before the transfer date for employees of the Board.

(10) The Board may whenever it thinks proper prepare and submit to the Minister a scheme amending (whether by addition, omission or variation) an existing superannuation scheme or amending, as aforesaid, or revoking an amending scheme under this section for the time being in force, and subsections (2), (3), (4) and (6) of section 44 of the Transport Act, 1950 , shall apply in relation to every scheme submitted under this section.

(11) Nothing in this section shall be construed as preventing the Board from amending an existing superannuation scheme in accordance with a power in that behalf contained therein.

(13) References in this section to an existing superannuation have been set up under an irrevocable trust.

(13) References in this section to an existing superannuation scheme are to the scheme as adapted by section 40 of the Act of 1953.