S.I. No. 323/2000 - Córas Iompair Éireann Superannuation Scheme, 1951 (Amendment) Scheme (Confirmation) Order, 2000.

I, MARY O'ROURKE, Minister for Public Enterprise, in exercise of the powers conferred on me by section 44 (4) of the Transport Act, 1950 (No. 12 of 1950), and the Communications (Transfer of Departmental Administration and Ministerial Functions) (No. 2) Order, 1987 ( S.I. No. 92 of 1987 ) (as adapted by the Transport, Energy and Communications (Alteration of Name of Department and Title of Minister) Order, 1997 ( S.I. No. 299 of 1997 )), after consultation with the Minister for Finance, hereby order as follows:

1. This Order may be cited as the Córas Iompair Éireann Superannuation Scheme, 1951 (Amendment) Scheme (Confirmation) Order, 2000.

2. In this Order “amending Scheme” means the Scheme amending the Córas Iompair Éireann Superannuation Scheme, 1951 (confirmed by the Córas Iompair Éireann Superannuation Scheme, 1951 (Confirmation) Order, 1951 ( S.I. No. 353 of 1951 )), prepared by Córas Iompair Éireann and submitted to the Minister for Public Enterprise under section 44 (5) of the Transport Act, 1950 (No. 12 of 1950), and set out in the Schedule to this Order.

3. (1) The amending Scheme is confirmed and shall, subject to paragraph (2) of this Article be deemed to have come into operation on 1 January 1994.

(2) (a) Article 26 is deemed to have come into operation on 1 September 1988,

(b) Article 19 is deemed to have come into operation on 17 January 1995,

(c) Articles 8, 11, 13, 14 and 15 are deemed to have come into operation on 1 January 2000.

SCHEDULE

CÓRAS IOMPAIR ÉIREANN SUPERANNUATION SCHEME, 1951 (AMENDMENT) SCHEME, 2000

1. Interpretation

In this amending Scheme the following words and expressions shall have the meanings hereby assigned to them unless there is something inconsistent in the subject matter or context repugnant to such construction:—

“the existing Scheme” means the C.I.E. Superannuation Scheme, 1951 set out in the Schedule to the Córas Iompair Éireann Superannuation Scheme, 1951 (Confirmation) Order, 1951 ( S.I. No. 353 of 1951 ), and subsequently amended by the amending Superannuation Schemes confirmed by Statutory Instruments numbered 221 of 1963, 80 of 1971, 254 of 1974, 47 of 1977, 126 of 1981, 245 of 1982, 345 of 1982, 287 of 1985, 339 of 1986, 58 of 1987, 29 of 1989, 212 of 1989, 234 of 1991, 12 of 1992, 13 of 1992 and 421 of 1992;

“the GNR Scheme” means the Salaried Officers and Clerks (G.N.R., C.D.R. and I.R.C.H.) Superannuation Scheme, 1977 confirmed by Statutory Instrument numbered 339 of 1978 and subsequently amended by the amending Superannuation Schemes confirmed by Statutory Instruments numbered 184 of 1982, 347 of 1982, 210 of 1989, 16 of 1992, 17 of 1992 and 325 of 2000;

“The GSR Scheme” means the Córas Iompair Éireann Salaried Officers' and Clerks' (G.S.R.) Superannuation Scheme as scheduled to the Great Southern Railways Company (Superannuation Scheme) Act, 1947 (No. 21 of 1947) as subsequently amended by the amending Schemes confirmed by Statutory Instruments numbered 220 of 1963, 76 of 1971, 253 of 1974, 46 of 1977, 127 of 1981, 246 of 1982, 346 of 1982, 286 of 1985, 57 of 1987, 95 of 1988, 209 of 1989, 14 of 1992, 15 of 1992 and 326 of 2000;

“The Spouses' and Children's Scheme” means the Córas Iompair Éireann Spouses' and Children's Superannuation Scheme as set out in the Schedule to the Córas Iompair Éireann Spouses' and Children's Superannuation Scheme (Confirmation) Order 1989 (S.I. 211 of 1989) as subsequently amended by the amending Schemes confirmed by Statutory Instruments No. 206 of 1992 and 324 of 2000;

“the operative date” means the 1st day of January, 1994, in respect of every Article of this amending Scheme other than Articles 8, 11, 13, 14, 15, 19 and 26 and means the 1st day of January 2000 in respect of Articles 8, 11, 13, 14 and 15, the 17th day of January 1995 in respect of Article 19 and the 1st day of September 1988 in respect of Article 26;

“Salaried Staff” means all employees of the Board holding clerical, supervisory or executive positions;

“this Scheme” means the existing Scheme as hereby amended;

“the Schemes” means this Scheme, the GNR Scheme, the GSR Scheme and the Spouse's and Children's Scheme;

“Vested Benefit” means a benefit arising under Rule 24 (adopted by Article 24 of this amending Scheme);

“Vested Pension” means a Vested Benefit in the form of a pension;

“the Pensions Act” means the Pensions Act, 1990 and includes any statutory amendment or re-enactment of that Act for the time being in force and any regulations made thereunder;

“Qualifying Service” in accordance with definition of the same term contained in the Pensions Act 1990 means service in the employment of the Board during membership of this Scheme, pensionable service in the Civil Service or under the Local Government Superannuation Code, service which under Section 4 of the Superannuation and Pensions Act 1963 has been given with an approved organisation and is to be treated as pensionable for the purposes of this Scheme and transferred pensionable service within the meaning of rule 29B, but does not include notional pensionable membership purchased by or credited to a Member;

“Revaluation Percentage” means the percentage (if any) prescribed under Section 33(4) of the Pensions Act, in respect of each Revaluation Year;

“Revaluation Year” means each year beginning on 1 January.

2. In this amending Scheme unless otherwise expressly stated the words and expressions used shall have the meansing assigned to them by the existing Scheme.

3. Continuance of the existing Scheme

(1) Subject as hereinafter specifically provided the benefits provided by the existing Scheme shall continue to be paid or be payable under and in accordance with the terms thereof and without alteration to every existing pensioner whose pension commenced prior to the operative date and to the personal representative of any deceased pensioner or member if the deceased's pension commenced or death occurred prior to the operative date.

(2) Subject as hereinafter specifically provided nothing in this amending Scheme shall affect the rights of any of the persons mentioned in the preceding sub-article, nor shall this amending Scheme affect any subsisting right or liability accrued to or in respect of, or incurred under the existing Scheme by, any person who retired from or left the service of the Board or died prior to the operative date.

4. Amendment of the Existing Scheme

(1) Subject to the provisions of paragraph (2) of this Article, the existing Scheme shall be amended with effect on and from the operative date so as to conform to the provisions hereinafter contained and every provision of the existing Scheme which is inconsistent with the provisions hereinafter contained shall cease to have effect.

(2) Where—

(a) a member leaves the service of the Board between the 1st day of January 1994 and the date of confirmation of this amending Scheme with entitlement to a superannuation allowance under Rule 21(9) of the existing Scheme (as inserted by S.I. No. 421 of 1992 and amended by Article 19 of this amending scheme), and

(b) the amount actually paid to the member from the Fund prior to the confirmation of this amending Scheme by way of a capital sum is less than the amount of the capital sum to which he is entitled under Rule 21 as amended by Article 18 of this amending Scheme (the difference between the amount actually so paid and the amount to which he is entitled under Rule 21 as so amended being in this Article referred to as the “Shortfall”), and

(c) in addition to the amount actually so paid, the Board has paid an ex gratia lump sum to the member in connection with his leaving service calculated by reference to his pensionable salary and the period of pensionable membership he might have completed between the date of leaving service and the attainment of age 65 (in this Article referred to as the “Board lump sum”),

the Shortfall to be paid to the member in consequence of this amending Scheme shall if necessary be reduced so that the aggregate amount of the capital sum paid to the member from the Fund and the Board's lump sum shall not exceed one hundred and twenty eightieths of the member's pensionable salary, and the Board shall be entitled to receive from the Fund the amount of the reduction.

5.  The GSR Scheme, the GNR Scheme and the Spouses' and Children's Scheme

With effect from the operative date,

(a) the fund shall receive and include assets transferred from the fund established by and maintained under the GSR Scheme and contributions arising under the GSR Scheme, and benefits arising under the GSR Scheme shall be paid out of the fund;

(b) the fund shall receive and include assets transferred from the fund established by and maintained under the GNR Scheme and contributions arising under the GNR Scheme, and benefits arising under the GNR Scheme shall be paid out of the fund; and

(c) the fund shall receive and include assets transferred from the fund established by and maintained under the Spouses' and Children's Scheme and contributions arising under the Spouses' and Children's Scheme, and benefits arising under the Spouses' and Children's Scheme shall be paid out of the fund.

6. Extension of obligations of the Fund

With effect from the operative date, all pensions in payment at the operative date and paid by the Board supplementary to pensions paid under this Scheme or under the GSR Scheme, the GNR Scheme or the Spouses' and Children's Scheme or otherwise on an ex gratia basis to or in respect of persons who were formerly members of the Salaried Staff shall become obligations of the Fund, and shall be paid in the amount, for the terms and otherwise upon the conditions applying to them immediately before the operative date.

7. The definition of pensionable membership contained in S.I. No. 13 of 1992 shall be deleted and the following definition shall be substituted:

“Pensionable Membership” in relation to a member means, subject to a maximum of forty years, the aggregate of: —

(a) the number of years in the period between the date when he became or is deemed to have become a member and the date when he ceases to be a member;

(b) service reckonable in accordance with Section 4 of the Superannuation and Pensions Act, 1963 ;

(c) notional pensionable service within the meaning of Rule 29A, and

(d) transferred pensionable service within the meaning of Rule 29B.

8. Rule 2 shall be amended by the deletion of the definition of the term “Members' Committee Man” and the insertion in its place of the following definition.

“Members' Committee Man” means a Committee Man elected in accordance with Rule 13;

9. Rule 3A shall be amended by the substitution of “Rule 24” for “Rule 24(i), (ii) and (v)” in paragraph (a) and by the substitution of “Rule 29(1)(c)” for “Rule 29(b)” in paragraph (d).

10. Paragraphs (1) and (2) of Rule 4 shall be deleted and the following paragraphs inserted in their place.

(1) (a) Upon the coming into operation of the Scheme a fund shall be established.

(b) The purpose of the Fund shall be the provision in accordance with the Schemes of annuities and other benefits for the members of the Schemes and other salaried staff formerly in the service of the Board or for the spouses, children or dependants of deceased members of the Schemes and other salaried staff formerly in the service of the Board.

(2) The Fund shall consist of:—

(a) the contributions of the members;

(b) the contributions of the Board;

(c) any assets or contributions received in accordance with Article 5 of the Córas Iompair Éireann Superannuation Scheme, 1951 (Amendment) Scheme, 2000;

(d) interest, dividends or other income from the investments and property of the Fund;

(e) any other sums which may be paid to the Trustees from time to time for the purposes of the Schemes.

11. Paragraph (1) of Rule 10 shall be deleted and the following paragraph substituted therefor.

(1) the Scheme shall be administered by a committee consiting of eight Committee Men, of whom four shall be appointed by the Board and four shall be elected by the members of the Schemes.

12. Rule 11 shall be deleted and the following Rule shall be substituted therefor:

11. Payment of Administrative Expenses

All expenses incurred in the administration of the Fund or the Schemes including all expenses incurred by the Trustees or the Committee shall be paid out of the Fund.

13. Rule 13 shall be amended by the addition of the following paragraph as paragraph (6).

(6) In this rule the term “member” includes a member of any of the Schemes.

14. Rule 14 shall be amended by the addition of the following paragraph as paragraph (4).

(4) In this rule the term “member” includes a member of any of the Schemes.

15. Rule 18 shall be amended by the addition of the following sentence.

In this rule the term “member” includes a member of any of the Schemes.

16. Paragraph (b) of Clause (2) of Rule 19 shall be deleted and the following paragraph shall be substituted therefor:

(b) Every member to whom Rule 29 applies shall contribute a further one-eighth part of one per cent of his salary, as well as any further contribution payable under Rule 29(1)(b), 29(2) or 29(3).

17. Rule 20 shall be deleted and the following Rule shall be substituted therefor:

20. Contributions by the Board

(1) In every year the Board shall contribute to the Fund such sum as the Board after consulting the Actuary determines to be necessary to support and maintain the solvency of the Fund.

(2) All contributions by the Board to the Fund in any year shall be paid to the Trustees and may be so paid by one payment or in equal or unequal instalments and at such time or times as shall appear expedient to the Board.

(3) Notwithstanding the foregoing, the Committee retains the right to vary the contributions payable by the members under rule 19 and, in particular, if the contribution determined by the Board under paragraph (1) to be necessary to support and maintain the solvency of the Fund (exclusive of any contributions arising under Rule 21(9)(b), Rule 29(1)(c) or Rule 39) will in any period exceed 3.6 times the contributions payable by the members during that period, the contributions payable by the Board and the members shall be reviewed.

18. Wherever there is reference in paragraph (a) of Clause (3) and paragraph (a) of Clause (5) of Rule 21 (adopted by S.I. No. 421 of 1992 ) to “one thirtieth of the member's Pensionable Salary” there shall be substituted “three eightieths of the member's Pensionable Salary” and wherever there is reference to “forty five years” there shall be substituted “forty years”.

19. The reference to the “17th day of January 1995” in paragraph (a) of Clause (9) of Rule 21 (adopted by S.I. No. 421 of 1992 ) shall be deleted and a reference to “the 17th day of January 2001” shall be substituted.

20. The definition of “critical date” in Clause (1) of Rule 21B shall be deleted and the following definition shall be inserted in its place.

“critical date” means in relation to:—

a normal pension — the date of the member's retirement,

a deferred annuity within the meaning of Rule 21A — the date upon which the former member's deferred annuity becomes payable, and

a vested pension — the date upon which payment of the vested pension begins.

21. The expressions set out in column 1 of the table below shall be deleted wherever they occur in Clauses (2), (4), (6), (7), (8), (10) and (13) of Rule 21B, and the expressions set out at the corresponding position in column 2 of the table shall be inserted in their place.

TABLE

22. Rule 21C (adopted by S.I. No. 421 of 1992 ) shall be deleted and the following Rule shall be substituted therefor:

21C. Spouses' and Children's Pensions

When a Spouses' and Children's Pension becomes payable upon the death of a former member, payments then becoming payable under Clause (6) of Rule 21, Clause (12) of Rule 21B and Clause (2)(b) of Rule 24 of this Scheme shall, insofar as the Rules provide for the continuation of an annuity, be paid as a lump sum and shall be limited so that the sum of such payments together with the aggregate of any capital sum, pension or annuity payments made to the deceased former member shall not exceed the former members's pensionable salary or three-eightieths of the said pensionable salary for each year of his pensionable membership up to one hundred and twenty eightieths, which ever shall be the greater. Pensionable membership for this purpose in the case of a member covered by Rule 29 shall be determined in the manner used for calculation of the capital sum under Rule 29.

23. Clause (5) of Rule 22 shall be deleted and the following Clause shall be substituted therefor:

(5) Where a Spouses' and Children's Pension becomes payable upon the death in service of a member, if Clause (1) of this rule applies, a lump sum equal to the then present value of five times the annuity provided for in the said Clause (1) shall be paid instead of the said annuity and the total of benefits payable under this Rule, whether the deceased member had more or less than 10 years pensionable membership, shall not exceed one year's payment of the member's pensionable salary or three eightieths of such salary for each year of his pensionable membership up to a maximum of one hundred and twenty eightieths, whichever is the greater. Pensionable membership for this purpose in the case of a member covered by Rule 29 shall be determined in the manner used for calculation of the capital sum under Rule 29.

24. Rule 24 Shall be deleted and the following Rule shall be substituted therefor:

(1) Any member of this Scheme who leaves the service of the Board for any reason other than due to his death in service or unless his service with the Board is to be reckoned as pensionable service in the civil service or with an approved organisation under Section 4 of the Superannuation and Pensions Act 1963 or the Local Government Superannuation Code, after having completed five years' Qualifying Service without being entitled to a pension under any other Rule of or Article governing this Scheme shall be entitled to the benefits described in paragraph (a) below or, if he elects them by written notice to the Trustees at any time before payment of benefits under paragraph (a) begins, the benefits described in paragraph (b) below.

(a) A vested Benefit equal to the fraction which has accrued at the date he ceases to be employed of the pension and capital sum to which he would be entitled upon retirement at the age of 60, the accrued fraction to be calculated in accordance with the Second Schedule to the Pensions Act, but having regard to reckonable service completed both before and after 1 January 1991.

(b) Benefits consisting of:

(i) a refund of his contributions paid before the 1st January 1991 including any contributions paid by him under Clause (8) or (9) of Rule 29A plus

(ii) a Vested Benefit equal to the fraction which has accrued after 1 January 1991 at the date he ceases to be employed of the pension and capital sum to which he would be entitled upon retirement at the age of 60, the accrued fraction to be calculated in accordance with the Second Schedule to the Pensions Act.

(2) (a) Subject to application by the former member, a Vested Benefit shall come into payment on the former member's 60th birthday unless it has previously been cancelled under Rule 37(2).

(b) So much of the Vested Pension as has not been converted into a joint annuity under Rule 21B shall, if the former member dies within five years from the date upon which he reached the age of 60, continue to be paid until the expiration of five years from the date he attained that age in like manner and subject to the like provisions in all respects as are stipulated with regard to an unconverted annuity under Clause (6) of Rule 21, save that, for the purpose of this Clause, the former member's spouse shall be deemed to be the spouse to whom he was married before he left the service of the Board.

(3) Wherever there is a period of at least one year between:

(a) the later of the date a member leaves the service of the Board and 1 January 1996.

(b) the earlier of that member's 60th birthday and the date of his death,

then a Vested Benefit to which the member becomes entitled under sub-Article (1) of this rule shall be increased at the end of each Revaluation Year by the amount of the Revaluation Percentage.

No revaluation shall be made under this sub-Article after the earlier of:

(i) the date when payment of the Vested Pension begins, or

(ii) the date of the member's death.

Reference in this Article to the amount of a Vested Benefit at any date after the member's date of leaving service is a reference to the Vested Benefit as increased to that date unless expressly stated otherwise.

(4) At any time before payment of a Vested Benefit begins, the member entitled thereto may request that a transfer payment be made out of the Fund to the fund of any other retirement benefits scheme which is treated as an exempt approved scheme for the purposes of Chapter 1 of Part 30 of the Taxes Consolidation Act 1997 or to a life office for application under a suitable insurance policy approved for the purposes of Chapter 1 of Part 30 of the Taxes Consolidation Act 1997 (a “retirement arrangement”), or the Trustees may, subject to the requirements of the Pensions Act, determine to effect such a transfer. As soon as practicable after the request or determination, an amount which the Trustees on the advice of the Actuary determine to be equivalent to the benefit shall be transferred to that retirement arrangement, and the trustees or life office operating that retirement arrangement shall be given all information needed to administer the amount transferred, and the benefits thereby secured, in accordance with the requirements of the Pensions Act and of the Revenue Commissioners under Chapter 1 of Part 30 of the Taxes Consolidation Act 1997 . Following the transfer the member concerned shall have no further entitlement under this Scheme.

(5) On the death of a former member entitled to a Vested Benefit before payment begins and before any transfer payment has been made under paragraph (4) of this Article there shall be paid to his personal representative out of the Fund upon his application such amount as the Trustees on the advice of the Actuary determine to be equal at the date of death to the value of the benefit granted to the former member.

(6) Any member of this Scheme who leaves the service of the Board before having completed five years' Qualifying Service and without being entitled to a pension under any other Rule or whose service is not to be reckoned as pensionable service in the Civil Service or with an approved organisation under Section 4 of the Superannuation and Pensions Act 1963 or the Local Government Superannuation Code shall be entitled to a refund of his contributions, including any contributions paid by him under Clause (8) or (9) of Rule 29A.

(7)  (a)  If a member to whom this Rule applies leaves the service of the Board by reason of infirmity there shall be included in any refund of his contributions compound interest thereon at the rate of two and one half per cent per annum.

(b)  Contributions paid by a member under the Spouses' and Children's Scheme shall not be taken into account for the purposes of paragraph (a) of this Clause.

(c)  Except as expressly provided no interest shall be payable on any contributions refunded to a member under this Rule and all refunds shall be subject to the deduction of income tax thereon at the appropriate rate.

(d)  for the purpose of this Rule any deductions made before the commencement of this Scheme from the salary of a person then in the employment of the Board in anticipation of the Scheme shall be deemed to be contributions by such person to the Fund.

(8) Subject always to the requirements of the Pensions Act, if the Board notifies the Trustees that any debt is due to the Board from the member, the Trustees shall reduce any entitlements under this Article by an amount which the Actuary advises them to be equivalent to the amount as notified to them of the debt. The amount of the reduction shall be paid by the Trustees to the Board, whose receipt shall discharge the Trustees for it, and the benefits, when they come into payment, shall be paid only in the reduced amount.

25. Rule 27 shall be amended by the substitution of the words “six thousand pounds, or any higher amount which the Minister for Public Enterprise, after consulting the Minister for Finance, may specify” for the words “one thousand pounds”, which were inserted by S.I. No. 345 of 1982 .

26. Rule 29 shall be deleted and the following Rule shall be substituted therefor:

29. (1) The following provisions shall apply in relation to an employee of the Board who, on or after the 1st day of September 1988, becomes a Member on promotion from a wages grade to a clerical, supervisory or executive position, that is to say

(a) For the purpose of determining his pensionable membership and calculating his capital sum and annuity on retirement, his period of membership shall be increased by the addition of pensionable service in the wages grades after attaining the age at which persons were entitled to become members of the relevant regular wages staff pension scheme whether or not he did become a member of such scheme.

(b) The member shall pay the additional contributions specified in the table below appropriate to his age on the date of his entry to membership of this Scheme. The additional contributions will continue until the member attains the age of 60 years or until his earlier retirement or death, except where a member retires due to redundancy with an entitlement to an annuity, when the additional contributions are deducted from any capital sum payable.

(c) At the commencement of his Membership the Board shall make to the Fund a special contribution in respect of him of such amount as shall be advised by the Actuary, but in the event of his being re-transferred to a wages grade the said special contribution shall be applied in discharge of any existing or future liabilities of the Board to the Fund.

(d) If immediately before his promotion he was a member of a regular wages staff pension scheme the contributions made by him under that Scheme shall be paid over to the Trustees for the purposes of this Scheme and shall be deemed for the said purposes to have been made under this Scheme.

(e) If after paragraph (d) has applied to him he is re-transferred to the wages grade and is then eligible for re-admission to the regular wages staff pension scheme, he shall be readmitted accordingly and shall be entitled to reckon for the purposes of benefit his period of Membership of this Scheme. He shall also be entitled to receive the total amount (without interest) by which his contributions to this Scheme exceeded the amount which he would have contributed to the said regular wages staff pension scheme during the said period if he had not been promoted. The remainder of his contributions under this Scheme shall be paid to the Trustees of the regular wages staff pension scheme.

(f) If he is re-transferred to the wages grade and paragraph (e) does not apply to him he shall be entitled to the same benefits to which he would have been entitled had he left the service in accordance with Rule 24.

(2) An employee of the Board who became a member of the Scheme prior to the 1st day of September 1988 upon promotion from a wages grade to a clerical, supervisory or executive position and had not attained age 60 at that date may elect to have his period of membership increased by the addition of the whole of his period of pensionable service in the wages grades instead of two thirds of such periods as heretofore for the calculation of his capital sum on retirement provided that within the period allowed by the Board for the exercise of this option he notifies the Board of his election and confirms his agreement to pay the additional contributions provided for in paragraph (b) of Clause (1) of this Rule and appropriate to the age he was on the 1st day of September 1988 as specified in the Table below. Paragraphs (c), (d), (e), and (f) of Clause 1 of this Rule shall apply to such an employee.

(3) An employee of the Board who became a member of the Scheme prior to the 1st day of September 1988 upon promotion from a wages grade to a clerical, supervisory or executive position and had attained age 60 at that date may elect to have his period of membership increased by the addition of the whole of his period of pensionable service in the wages grades instead of two-thirds of such period as heretofore for the calculation of his capital sum on retirement provided that within the period allowed by the Board for the exercise of this option he notifes the Board of his election and confirms his agreement to contribute as a lump sum such amount as shall be determined by the Actuary to be appropriate.

TABLE

Extra annual contribution expressed as a percentage of salary to finance one extra year's service credit for retirement gratuity purposes under the scheme.

27. Rule 29A (adopted by S.I. No. 421 of 1992 ) shall be amended by the addition of the following Clause:

(10) A member who leaves the service of the Board in accordance with Rule 21 by reason of infirmity shall have a period of notional service (to be referred to as “ill health notional service”) included in his pensionable membership.

(i) Members whose pensionable membership (other than notional pensionable membership within the meaning of this Rule 29A) is between 10 and 20 years will be allowed the more favourable of:

(A) an amount of service equal to the period by which 20 years exceeds the said pensionable membership, the added service not to exceed the amount by which the said pensionable membership he would have had if he served to age 65 exceeds his said pensionable membership at retirement, or

(B) 6 years and 243 days, the ill-health notional service not to exceed the amount by which the said pensionable membership he would have had if he had served to age 60 exceeds his said pensionable membership at retirement;

(ii) Members with more than 20 years of pensionable membership (other than-notional pensionable membership within the meaning of this Rule 29A) at retirement will be allowed to add whichever is the lesser:

(A) 6 years and 243 days, or

(B) the amount by which the said pensionable membership he would have had if he had served to age 60 exceeds his said pensionable membership at retirement.

28. The following new rule shall be added to the existing Scheme to follow Rule 29A as Rule 29B:

29B. Transferred Service

If any member is entitled to a preserved benefit within the meaning of the Pensions Act under another retirement benefits scheme (in this Clause called “the other scheme”) by reason of service with a former employer and if the trustees are offered a transfer of assets (in this Clause called a “transfer payment”) from the other scheme, they shall accept the transfer payment. Upon receipt of the transfer payment they shall credit the member concerned with a notional period of transferred pensionable membership which they shall determine on the advice of the actuary, having regard to the amount of the transfer payment, and that notional period of transferred pensionable membership will be taken into account in calculating all superannuation benefits.

29. Rule 31 of the Existing Scheme shall be deleted and the following rule inserted in its place.

31. Inalienability of Benefits

All benefits payable from the Fund are to be regarded as strictly personal and shall not be assigned, charged, or alienated in any way, and shall cease to be payable if the member shall be adjudged a bankrupt, or take proceedings for liquidation in bankruptcy, or make any arrangements or composition with his creditors having the effect of a charge upon or alienation of his benefit or any part thereof, or assign, charge, or attempt to assign or charge the same, or if any act or event shall have been done or happened which would have the effect of depriving him of his right to receive the benefit or any part thereof had the same belonged to him absolutely for life. The Committee shall have the full discretion as to the payment or application of any forfeited benefit to or for the benefit of the member or his dependants or relatives. Nothing herein contained shall prevent a member from bequeathing by will any moneys from the Fund in which he may have a transmissible interest.

30. Rule 35 of the existing Scheme (adopted by S.I. No. 12 of 1992 ) shall be amended by the addition at the end of Clause (1) thereof of the words “and any Vested Benefit to which the former member is entitled under rule 24 shall be cancelled”.

31. Rule 37 of the existing Scheme (adopted by S.I. No. 12 of 1992 ) shall be amended by the addition at the end of Clause (2) thereof of the words “and any Vested Benefit to which the member is entitled under Rule 24 shall be cancelled, save that any benefits to which he subsequently becomes entitled shall be increased if necessary as the trustees shall determine so that they are, in the opinion of the Actuary, at least equivalent to the Vested Benefit which he would, but for this sub-Article, have received”.

32. The following new rules shall be added to the existing Scheme to follow Rule 37 as Rules 38 to 40 respectively.

38. Review of pensions

Prior to 1 July in each year, the Board shall, in consultation with the Actuary, review the rate of pensions in payment (other than Vested Pensions which have come into payment) with a view to increasing the rate of payment, having regard to any maximum increase in pensions authorised by the Minister with the consent of the Minister for Finance for the purpose of ensuring that public service norms as to pension increases are not exceeded, increases in rates of pay for the employees of the Board, the financial condition of the Fund and any other matter which the Board considers to be relevant. For the purpose of its review the Board shall obtain from the Actuary advice on the cost of increasing the rate of payment and the effect such increase would have on the financial position of the Fund. Following its review, the Board shall determine the amount or amounts or rate or rates of increase to be made to each pension in payment (other than Vested Pensions which have come into payment) with effect from the next 1 July, and shall notify the Trustees accordingly. Unless the Trustees determine, after consulting the Actuary, that no such increases should be paid, or that all such increases should be reduced rateably, they shall, subject always to any maximum increase authorised by the Minister with the consent of the Minister for Finance as aforesaid, pay the increases with effect from the next 1 July.

39. Supplementary Pensions

The Board may award pensions supplementary to the pensions arising under the other rules of the Schemes or otherwise on an ex-gratia basis to or in respect of persons who were formerly members of the Salaried Staff and such pensions shall be obligations of the Fund, provided that in no case shall the Board grant any pension which would cause the Scheme to cease to be an exempt approved scheme under Chapter 1 of Part 30 of the Taxes Consolidation Act, 1997 . Whenever the Board awards a supplementary pension, it shall contribute to the Fund at such time or times as the Actuary shall determine to be appropriate such amount or amounts as the Actuary shall advise to be equivalent to the additional liability imposed on the Fund as a result of the award.

40. Dissolution of the Fund

On the determination of the Board with the consent of the Minister that the Fund shall be dissolved with effect from a certain date, the liability of the Board and of the members of the Schemes to contribute to the Fund shall cease with effect from that date (“ the dissolution date”). The Fund shall then be realised and the Trustees shall apply the realised Fund, so far as the amount available permits, to the following purposes and with the respective priorities indicated:

(a) First, in discharging or making a reserve to discharge

(i) the expenses, fees and costs relating to and associated with the dissolution of the Fund, and

(ii) insofar as permitted under the Pensions Act, the other expenses, fees and costs of or incidental to the administration and management of the Schemes.

(b) Secondly, in paying or securing the benefits referred to in paragraph 1 of the Third Schedule to the Pensions Act.

(c) Thirdly, in paying or securing the benefits referred to in paragraphs 2 and 3 of the Third Schedule to the Pensions Act.

(d) Fourthly, in discharging or making a reserve to discharge any expenses, fees and costs of or incidental to the administration and management of the Schemes and the dissolution of the Fund which in their opinion may not be recoverable from the Board and which have not already been discharged or for which no reserve has been made by reason of the Pensions Act.

(e) Fifthly, in paying or securing all benefits payable or contingently payable under the Schemes to the extent that they have not already been paid or secured. As regards any member who is in service on the dissolution date and who has not then reached the normal age of retirement benefits shall be calculated on the assumptions that:

(i) he left service on the dissolution date, and

(ii) he were to receive benefits under Rule 24(1)(a).

(f) Sixthly, in so far as sufficient funds remain, in paying or securing a fixed increase at the rate of up to 3% per annum to pensions while in payment with effect from the dissolution date or, if later, the date at which they become payable (other than pensions payable to or in respect of persons who are members or pensioners under the GSR Scheme or the GNR Scheme or who are in receipt of pensions granted by the Board on an ex gratia basis).

(g) Seventhly, in so far as sufficient funds remain, in paying or securing a fixed increase at the rate of up to 3% per annum to pensions while in payment with effect from the dissolution date or, if later, the date at which they become payable to or in respect of persons who are members or pensioners under the GSR Scheme or the GNR Scheme, or who are in receipt of pensions granted by the Board on an ex-gratia basis.

(h) Last, if any moneys remain after all the preceding purposes have been carried out in full they shall be paid to the Board.

EXPLANATORY NOTE.

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

The purpose of this Scheme is to provide for the amalgamation of the four salaried staff superannuation scheme funds into a single fund together with benefit improvements which apply to members of the CIE Superannuation Scheme 1951.