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Superannuation of staff of trustee savings bank.
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45.—(1) A trustee savings bank may prepare one or more superannuation schemes.
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(2) A superannuation scheme shall fix the time and conditions of retirement for all persons to or in respect of whom benefits are payable under the scheme and different times and conditions may be fixed in respect of different classes of persons.
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(3) A trustee savings bank may prepare a scheme amending or revoking a superannuation scheme or a scheme under this subsection.
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(4) (a) A scheme prepared under this section shall be submitted to the Central Bank.
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(b) The Central Bank may approve of a scheme submitted to it under this section and, if it does so, it shall be carried out by the trustees of the trustee savings bank concerned in accordance with its terms.
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(5) If any dispute arises as to the claim of any person to, or the amount of, any benefit payable in pursuance of a scheme or schemes, under this section, the dispute shall be submitted to the Central Bank whose decision thereon shall be final.
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(6) Any expenses incurred by the trustees of a trustee savings bank in preparing and carrying out a scheme under this section shall be paid as part of the current expenses of the bank.
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(7) A person who immediately before the commencement of a superannuation scheme was employed in a permanent, full-time capacity by a trustee savings bank may opt to become a member of the scheme and the terms and conditions of the scheme in relation to a person opting under this paragraph to become a member of it shall be not less favourable to him than those under any scheme or other arrangement providing superannuation benefits for or in relation to him immediately before such commencement and, if the person opts under this paragraph, the latter scheme or arrangement shall cease to apply in relation to him.
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(8) In this section “a superannuation scheme”, in relation to a trustee savings bank, means a scheme for the granting of pensions, gratuities and other benefits payable in respect of past service with the bank or such other past service as may be specified in the scheme on resignation, retirement or death to or in respect of officers and other members of the staff of the bank employed by it in a permanent full-time capacity who are members of the scheme.
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