S.I. No. 373/2017 - Córas Iompair Éireann Pension Scheme for Regular Wages Staff (Amendment) Scheme (Confirmation) Order 2017.

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 18th August, 2017.

I, SHANE ROSS, Minister for Transport, Tourism and Sport, in exercise of the powers conferred on me by section 44 (4) of the Transport Act 1950 (No. 12 of 1950) and Article 4 of the Córas Iompair Éireann (Additional Powers) Order 1988 ( S.I. No. 381 of 1988 ) 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 (Alteration of Name of Department and Title of Minister) Order 2011 ( S.I. No. 141 of 2011 )) and the Finance (Transfer of Departmental Administration and Ministerial Functions) Order 2011 ( S.I. No. 418 of 2011 ) after consultation with the Minister for Public Expenditure and Reform, hereby order as follows:

1. This Order may be cited as the Córas Iompair Éireann Pension Scheme for Regular Wages Staff (Amendment) Scheme (Confirmation) Order 2017.

2. In this Order “amending Scheme” means the Scheme amending the Córas Iompair Éireann Pension Scheme for Regular Wages Staff (confirmed by the Córas Iompair Éireann Superannuation Scheme for Regular Wages Staff (Confirmation) Order 1945 ( S.R. & O. No. 242 of 1945 )), prepared by Córas Iompair Éireann and submitted to the Minister for Transport, Tourism and Sport under section 44 (5) of the Transport Act 1950 (No. 12 of 1950) and set out in the Schedule.

3. The amending Scheme is confirmed and comes into operation on 1 September 2017.

SCHEDULE

CÓRAS IOMPAIR ÉIREANN PENSION SCHEME FOR REGULAR WAGES STAFF (AMENDMENT) SCHEME 2017

Interpretation

1. (1) In this amending Scheme—

“existing Scheme” means the Córas Iompair Éireann Pension Scheme for Regular Wages Staff confirmed by the Córas Iompair Éireann Superannuation Scheme for Regular Wages Staff (Confirmation) Order 1945 ( S.R. & O. No. 242 of 1945 ) as last amended by the 2016 amending scheme;

“1949 amending scheme” means the amending scheme confirmed by the Córas Iompair Éireann Amending Superannuation Scheme for Regular Wages Staff (Confirmation) Order 1949 ( S.I. No. 115 of 1949 );

“1971 amending scheme” means the amending scheme confirmed by the Córas Iompair Éireann Amending Superannuation Scheme for Regular Wages Staff (Confirmation) Order 1971 ( S.I. No. 77 of 1971 );

“2016 amending scheme” means the amending scheme confirmed by the Córas Iompair Éireann Pension Scheme for Regular Wages Staff (Amendment) Scheme (Confirmation) Order 2016 ( S.I. No. 63 of 2016 );

“operative date” means 1 September 2017 in respect of Articles 2 and 3.

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

Continuance of existing Scheme

2. (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.

Amendment of existing Scheme

3. Subject to Article 2 of this amending Scheme, 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.

4. The 1949 amending scheme (amended by Article 2 of the 1971 amending scheme) is amended by deleting the text inserted by Article 2 of the 1971 amending scheme and substituting the following:

“4.All moneys in the hands of the Trustees belonging to the fund and not required for the immediate purposes of the Scheme may be lent to the Board re-payable on demand at an agreed rate of interest or may be invested as the Trustees shall think proper and with the consent of the Board:

(a) in any investments for the time being authorised by law as investments for trust moneys, or

(b) in any other investments as the Trustees in consultation with the Scheme’s investment advisors may decide.”

GIVEN under my Official Seal,

14 August 2017.

SHANE ROSS,

Minister for Transport, Tourism and Sport.

EXPLANATORY NOTE

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

The purpose of this Order is to amend Article 4 of the Córas Iompair Éireann Amending Superannuation Scheme for Regular Wages Staff (Confirmation) Order 1971 in relation to powers of investment.