Energy (Miscellaneous Provisions) Act, 1995
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Amendment of Electricity Supply Board (Superannuation) Act, 1942 . |
20.—(1) In this section— | |
“the Act of 1942” means the Electricity Supply Board (Superannuation) Act, 1942 ; | ||
“amending superannuation scheme”, “general employees superannuation scheme”, “manual workers” and “manual workers superannuation scheme” have the meaning assigned to them by the Act of 1942. | ||
(2) Notwithstanding anything contained in section 4 (1), section 6 (4) or any other provision of the Act of 1942 an amending superannuation scheme may— | ||
(a) amend the general employees superannuation scheme so as to enable persons who are manual workers to participate in, and to be granted and paid superannuation benefits under, that scheme; | ||
(b) provide for the winding up of the fund established by regulations under section 8 of the Act of 1942 in respect of the manual workers superannuation scheme and the transfer of the moneys comprised in that fund (including the securities and other investments representing such moneys) to the fund established by regulations under the said section 8 in respect of the general employees superannuation scheme; | ||
(c) provide for matters incidental to or consequent upon the winding up of the fund referred to in paragraph (b); | ||
(d) revoke the manual workers superannuation scheme. | ||
(3) An amending superannuation scheme may, if the scheme so provides, have retrospective effect. | ||
(4) Section 7 (1) of the Act of 1942 is hereby amended by the substitution in paragraph (b) for “make to the said fund payments equal in the aggregate to the aggregate amount of the said contributions thereto” of “from time to time make to the said fund such payments as are determined by the actuary to the scheme”, and the said paragraph (b), as so amended, is set out in paragraph 1 of the Table to this section. | ||
(5) Section 7 (1) of the Act of 1942 is hereby further amended by the substitution of the following paragraphs for paragraph (c): | ||
“(c) provide that the Board shall defray the expenses of administering the scheme and managing the said fund including, where in its discretion it decides to defray the whole or any part of the fees and expenses referred to in paragraph (cc) of this subsection, the whole or such part of the said fees and expenses, and | ||
(cc) provide that where the persons in whom as trustees the said fund is for the time being vested by regulations under section 8 of this Act employ the professional services of one or more persons to assist them in the management of the said fund, the fees and expenses payable to the said person or persons for rendering the said services shall, save to the extent that the Board decides to defray them, be defrayed by the first-mentioned persons out of moneys standing to the credit of the said fund, and”. | ||
(6) Section 8 (2) of the Act of 1942 is hereby amended by the deletion in paragraph (b) (inserted by the Electricity (Supply) (Amendment) Act, 1982 ) of “, with the approval of the Minister for Finance,”, and the said paragraph (b), as so amended, is set out in paragraph 2 of the Table to this section. | ||
TABLE | ||
1. (b) provide (save as otherwise provided by this section) that every person entitled to superannuation benefits under the scheme shall pay contributions to the said fund and that the Board shall from time to time make to the said fund such payments as are determined by the actuary to the scheme, and | ||
2. (b) in such other manner as the trustees think proper; |