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Continuance of Shannon Development superannuation schemes
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42. (1) Every scheme or arrangement in relation to superannuation administered by Shannon Development immediately before the Shannon Commercial Enterprises transfer day shall on that day continue in force as if made by the Minister for Jobs, Enterprise and Innovation.
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(2) (a) All liabilities, duties, obligations and funding (including pension increases and supplementary pension payments) arising by virtue of the operation of a scheme or arrangement referred to in subsection (1) and carried out immediately before the Shannon Commercial Enterprises transfer day by Shannon Development shall upon the Shannon Commercial Enterprises transfer day stand transferred to the Minister for Jobs, Enterprise and Innovation.
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(b) Every right and liability transferred by this section to the Minister for Jobs, Enterprise and Innovation may be sued on, recovered or enforced by or against the Minister for Jobs, Enterprise and Innovation in the name of that Minister of the Government and it shall not be necessary for the Minister for Jobs, Enterprise and Innovation to give notice to any person of the transfer of any right or liability by this section.
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(3) The Minister for Jobs, Enterprise and Innovation may require a relevant body to carry out, on his or her behalf, such pension administration services as the Minister for Jobs, Enterprise and Innovation may specify in writing in relation to a scheme or arrangement to which subsection (1) relates.
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(4) A relevant body shall, when required by the Minister for Jobs, Enterprise and Innovation to do so, carry out such pension administration services as he or she specifies under subsection (3) in relation to a scheme or arrangement to which subsection (1) relates.
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(5) The Minister for Jobs, Enterprise and Innovation may give directions in writing to a relevant body in relation to any pension administration service specified by him or her under subsection (3) .
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(6) A relevant body shall comply with any directions given by the Minister for Jobs, Enterprise and Innovation under subsection (5) .
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(7) Where the Minister for Jobs, Enterprise and Innovation requires a relevant body to carry out the pension administration service specified in paragraph (b) of subsection (9) in relation to a scheme or arrangement to which subsection (1) relates, he or she shall provide the relevant body with a sum of money equal to the total amount of the benefits due under that paragraph to enable that body to make such payment.
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(8) A relevant body shall provide such information to the Minister for Jobs, Enterprise and Innovation, relating to pension administration services which it carries out under subsection (4) , as the Minister for Jobs, Enterprise and Innovation may from time to time require.
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(9) In this section—
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“pension administration service”, in relation to a scheme or arrangement to which subsection (1) relates, means—
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(a) calculation of any superannuation benefit payable to, or in respect of, any member of that scheme or arrangement,
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(b) payment, on behalf of the Minister for Jobs, Enterprise and Innovation, of any superannuation benefit due to, or in respect of, any member of that scheme or arrangement to the member or other person concerned,
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(c) maintenance of records relating to, or in respect of, members of that scheme or arrangement, or
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(d) such other service as may be specified by the Minister for Jobs, Enterprise and Innovation for the purposes of administering that scheme or arrangement on his or her behalf;
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“relevant body” means—
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(a) Enterprise Ireland,
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(b) IDA,
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(c) Science Foundation Ireland,
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(d) the National Standards Authority of Ireland.
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