Harbours Act, 1996
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Superannuation schemes. |
40.—(1) Subject to subsection (8), a company shall, or, in the case of a company referred to in section 41 (1), may, prepare and submit to the Minister a scheme or schemes for the granting of superannuation benefits to or in respect of such members of the staff of the company (including the chief executive) as it may think fit. | |
(2) (a) Every such scheme shall fix the time and conditions of retirement for all persons to or in respect of whom superannuation benefits are payable under the scheme, and different times and conditions may be fixed in respect of different classes of persons. | ||
(b) Every such scheme may, where it is appropriate so to provide, provide for the matters referred to in subsections (3) (b) (ii) and (6) (ii) of section 41 . | ||
(3) Every such scheme may be amended or revoked by a subsequent scheme prepared, submitted and approved under this section. | ||
(4) Superannuation benefits granted under schemes under this section to persons who, immediately before the relevant vesting day, were members of the staff of a harbour authority or the Department of the Marine, as the case may be, and the terms and conditions relating to those benefits shall not be less favourable to those persons than those to which they were entitled immediately before that day. | ||
(5) In the case of members of staff of Dún Laoghaire Harbour Company disbursement of superannuation benefits which may be granted to or in respect of such of those members who, immediately before the relevant vesting day, were members of the staff of the Department of the Marine shall be on conditions no less favourable to such members than those that would apply if those benefits had continued to be paid out of moneys provided by the Oireachtas. | ||
(6) A scheme submitted by a company under this section shall, if approved by the Minister with the consent of the Minister for Finance, be carried out by the company in accordance with its terms. | ||
(7) No superannuation benefit shall be granted by a company nor shall any other arrangements be entered into by the company for the provision of such a benefit to or in respect of a member of the staff of the company otherwise than in accordance with a scheme under this section, a scheme referred to in subsection (1) of section 41 or pursuant to the company's obligations under subsections (6) and (7) of that section. | ||
(8) (a) The Minister may by order exempt a company, the employees of which are less than 30 in number, from the requirements of subsection (1). | ||
(b) Such an order shall include a provision requiring the company to which the exemption concerned relates to enter into such arrangements with the holder of an authorisation as will secure the payment by that holder, on such terms and conditions as the company determines with the consent of the Minister and the Minister for Finance, of superannuation benefits to or in respect of members of the company's staff. | ||
(c) In this subsection “authorisation” has the same meaning as it has in the European Communities (Life Assurance) Framework Regulations, 1994 ( S.I. No. 360 of 1994 ). |