Social Welfare (Consolidation) Act, 1981

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Power to wind up or modify existing schemes and arrangements for the provision of superannuation and redundancy payments.

[1960 AM, s. 18]

82.—(a) Any scheme or arrangement for the provision of pensions, compensation for redundancy or other benefits (including any scheme or arrangement established or provided by or under, or having statutory force by virtue of, any enactment and any scheme evidenced only by one or more policies of insurance) may be modified, and

(b) any such scheme or arrangement other than a scheme or arrangement for the provision of compensation for redundancy may be wound-up,

in connection with the provision under this Chapter of a scheme of old age (contributory) pensions either—

(i) by agreement between the different parties concerned in the scheme or arrangement, or

(ii) in accordance with regulations made, after consideration of any representations that may be made by the different parties concerned in the scheme or arrangement, by such Minister as may be determined by the Minister for Finance to be appropriate in relation to the scheme or arrangement or, if the Minister for Finance determines that there is no appropriate Minister, by the Minister for Industry, Commerce and Tourism.