Electricity (Supply) (Amendment) Act, 1961
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Power to provide in schemes under section 16 for surrender of part of pension for annuity to wife or dependant. |
18.—(1) A superannuation scheme or an amending scheme may make provision for the surrender, subject to the conditions and limitations specified therein, by a person ceasing to hold office as a whole-time member of the Board otherwise than on the ground of ill-health whose standard of health satisfies the requirements of the scheme of such part (not exceeding one-third) as may be specified in the scheme of any yearly allowance payable to him on foot of a pension under a superannuation scheme or an amending scheme in return for the grant by the Board of an annuity to which this section refers to the spouse or one dependant of that person specified by that person. | |
(2) The conditions and limitations referred to in subsection (1) of this section shall correspond, as nearly as may be, with the conditions and limitations which are provided for by or under the Superannuation Act, 1956 , and subject to which established civil servants, within the meaning of that Act, may surrender part of certain allowances in return for the grant of a pension under that Act to another person. | ||
(3) In this section— | ||
“annuity to which this section refers” means an annuity granted so as to be of such value as, on the day on which the person making the surrender ceases to hold office, is actuarially equivalent (in accordance with such tables as, on the day of such cesser, stand approved of by the Minister for Finance for the purposes of the Superannuation Act, 1956 ) to what is surrendered and which is payable— | ||
(a) during the period (if any) for which the spouse or dependant survives the person, or | ||
(b) in the case of an annuity to the spouse, if the person so elects when he makes the surrender, during the period of the joint lives of the person and the spouse subsequent to his cesser of office and the period (if any) for which the spouse survives the person, | ||
and, in the case of an annuity to the spouse which is payable during the periods specified in paragraph (b) of this definition, the rate of which for the second period is double the rate thereof for the first period; | ||
“dependant” means, in relation to a person, a member of the family of such person (being the father, mother, step-father, step-mother, son, daughter, grandson, grand-daughter, step-son, stepdaughter, brother, sister, half-brother, half-sister, uncle, aunt, nephew, niece, son-in-law or daughter-in-law) who, at the time when such person notifies the Board of his wish to make a surrender, is wholly or in part dependent on the earnings of such person, and, for the purposes of this definition, a person adopted under the Adoption Act, 1952 , shall be considered as the son or daughter of the adopter or adopters born to him, her or them in lawful wedlock and not to be the son or daughter of any other person. |