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Superannuation of staff of Company and subsidiaries.
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29.—(1) Section 6 (which provides for superannuation schemes for employees of the Board) of the Act of 1953 is hereby amended as on and from the vesting day by—
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(a) the substitution of “Company” for “Board” in each place where it occurs (other than subsections (1) and (5)) and the substitution of “Company or, if the scheme relates to persons in the employment of a subsidiary, the subsidiary” for “Board” in subsection (5),
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(b) the insertion of the following subsection after subsection (1):
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“(1A) (a) The Company may prepare and submit to the Minister a scheme or schemes for the payment, subject to such conditions and limitations as may be prescribed in the scheme or schemes, of pensions, gratuities and other allowances on retirement or death to or in respect of such persons in the employment of the subsidiaries, as the Company may determine and the scheme or schemes may make different provision in respect of different classes of such persons.
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(b) The Company may prepare and submit to the Minister a scheme or schemes for the payment, subject to such conditions and limitations as may be prescribed in the scheme or schemes, of pensions, gratuities and other allowances on retirement or death to or in respect of such persons, in the employment of such subsidiaries (other than the subsidiaries), if any, as the Company may determine and the scheme or schemes may make different provision in respect of different classes of such persons.”,
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(c) in subsection (2), the insertion after “A scheme under” of “subsection (1) or (1A) of,”
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(d) in subsection (3), the insertion after “A scheme” of “under subsection (1) or (1A) of this section”,
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(e) the substitution of the following subsection for subsection (6):
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“(6) The Company may prepare and submit to the Minister a scheme amending or revoking a scheme under this section (including a scheme under this subsection), but a scheme amending a scheme under this section shall be such that provisions giving effect to requirements corresponding to the requirements of subsections (1), (1A), (2) and (3) of this section continue to be contained in one or more of the schemes under this section and a scheme under this section shall not be revoked unless such provisions as aforesaid continue to be in force after the revocation”,
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(f) the insertion after subsection (8) of the following subsections:
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“(9) Without prejudice to the powers of investment conferred otherwise by law on the trustees of a superannuation fund established pursuant to subsection (2), those trustees may, with the consent of the Minister and the concurrence of the Minister for Finance, invest such moneys of the fund as they think appropriate in loans to such enterprises as they consider appropriate.
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(10) In this section ‘Company’, ‘subsidiary’, ‘subsidiaries’ and ‘the subsidiaries’ have the meanings assigned to them by the Turf Development Act, 1998”.
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(2) Notwithstanding subsection (1)(e), a scheme prepared by the Board under subsection (6) of the said section 6 that is in force immediately before the vesting day shall, on and after that day, continue in force and continue to apply to the persons to whom it applied immediately before that day and may be amended or revoked, as if prepared by the Company under subsection (6) (inserted by this section) of the said section 6.
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