S.I. No. 81/1971 - Great Northern Railway Company (Ireland) Pension Fund (Amendment) Scheme For Wages Staff (Confirmation) Order, 1971.

S.I. No. 81 of 1971.

GREAT NORTHERN RAILWAY COMPANY (IRELAND) PENSION FUND (AMENDMENT) SCHEME FOR WAGES STAFF (CONFIRMATION) ORDER, 1971.

WHEREAS by section 15 (4) of the Great Northern Railway Act, 1958 (No. 20 of 1958), the Great Northern Railway Company (Ireland) Pension Fund for Wages Staff was continued in being.

AND WHEREAS Córas Iompair Éireann (in these Recitals referred to as the Board) has, in pursuance of section 15 (10) of the Great Northern Railway Act, 1958 , and the Transport, Fuel and Power (Transfer of Departmental Administration and Ministerial Functions) Order, 1959 ( S.I. No. 125 of 1959 ), submitted to the Minister for Transport and Power a scheme (in these Recitals referred to as the amending scheme) amending the said Great Northern Railway Company (Ireland) Pension Fund for Wages Staff:

AND WHEREAS the amending scheme was under the said section 15 (10) referred back to the Board by the said Minister for re–consideration and re–submission:

AND WHEREAS the amending scheme was re–considered and re–submitted to the said Minister by the Board:

AND WHEREAS the said Minister, having considered objections and representations in relation to the amending scheme, proposes to confirm the amending scheme as re–considered and re–submitted to him by the Board:

NOW, I, BRIAN LENIHAN, Minister for Transport and Power in exercise of the powers conferred on me by section 15 (10) of the Great Northern Railway Act, 1958 (No. 20 of 1958), and the Transport, Fuel and Power (Transfer of Departmental Administration and Ministerial Functions) Order, 1959 ( S.I. No. 125 of 1959 ), hereby, after consultation with the Minister for Finance, order as follows:—

1. This Order may be cited as the Great Northern Railway Company (Ireland) Pension Fund for Wages Staff (Amendment) Scheme (Confirmation) Order, 1971.

2. In this Order "the amending scheme" means the scheme (amending the provisions of the Great Northern Railway Company (Ireland) Pension Fund for Wages Staff) submitted by Córas Iompair Éireann under section 15 (10) of the Great Northern Railway Act, 1958 .

3. The amending scheme (a copy of which is set out in the Schedule to this Order) is hereby confirmed and shall come into operation on the 1st day of January, 1971.

SCHEDULE.

GREAT NORTHERN RAILWAY COMPANY (IRELAND) PENSION FUND FOR WAGES STAFF AMENDING SCHEME, 1968.

1. Definitions:

In this amending Scheme "the existing Scheme" means the Great Northern Railway Company (Ireland) Pension Fund for wages Staff as amended by (a) the Great Northern Railway Company (Ireland) Pension Fund (Amendment) Scheme for Wages Staff (Confirmation) Order, 1962, ( S.I. No. 53 of 1962 ), (b) the Great Northern Railway Company (Ireland) Pension Fund for Wages Staff (Amendment) Scheme (Confirmation) Order, 1965, ( S.I. No. 50 of 1965 ), and (c) the Great Northern Railway Company (Ireland) Pension Fund for Regular Wages Staff (Amendment) Scheme (Confirmation) Order, 1965 ( S.I. No. 9 of 1967 ).

"This Scheme" means the existing Scheme as hereby amended.

2. The existing Scheme shall be amended by the deletion of subarticle (2) of Article 17 of the Schedule to Statutory Instrument No. 53 of 1962 and the substitution therefore of the following sub–article, that is to say:—

(2) All moneys in the hands of the Trustees belonging to the Fund and not required for the immediate purposes of the Scheme may be lent to the Board re–payable on demand at an agreed rate of interest, or may be invested as the Trustees shall think proper and with the consent of the Board in any investments for the time being authorised by law as investments for trust moneys, or in any other investments for the time being approved of, for the purpose of the Scheme, by the Minister for Finance.

3. The existing Scheme shall be further amended by the addition of the following new Article to be inserted after Article 4 of the Schedule to Statutory Instrument No. 53 of 1962 , namely:—

4A Members Employed by Óstlanna Iompair Éireann.

When a person to whom section 15 of the Transport Act, 1963 applies remains or becomes a member of this Scheme the following provisions shall apply from the date when such person enters the employment of Óstlanna Iompair Éireann:—

(a) In the application of the provisions of this Scheme to such a member the words "the Board" where they appear in Articles 8,9,10,11,16 (1) and 17 (5) (c) of the Schedule to S.I. No. 53 of 1962 shall be read to mean "Óstlanna Iompair Éireann".

(b) Article 4 (3) of the Schedule to Statutory Instrument No. 53 of 1962 shall not apply to any such member.

(c) Subject to the provisions of this Scheme in relation to promotion, a member who ceases to be employed by Óstlanna Iompair Éireann on its Regular Wages Staff shall cease to be a member of this Scheme unless his employment with Óstlanna Iompair Éireann has been terminated to enable him to return to the employment of the Board and upon such termination he forthwith returns to the employment of the Board in which event the provisions of this Article shall cease to apply to that member.

(d) In every year Óstlanna Iompair Éireann shall contribute to the Fund such amount as the Board on the advice of the Actuary shall direct having regard to the liability of the Fund to members employed by óstlanna Iompair Éireann.

GIVEN under my Official Seal, this 25th day of February, 1971.

BRIAN LENIHAN,

Minister for Transport and Power.

EXPLANATORY NOTE.

The purpose of the order is to amend the existing superannuation scheme to give the Trustees wider powers of investment in relation to the moneys belonging to the Fund of the Scheme and to cover the position of employees who transferred to Óstlanna Iompair Éireann.