Air Companies Act, 1966

Approval by Minister of superannuation schemes for officers and servants of the air companies.

20.—(1) A scheme for the granting of pensions, gratuities or other allowances on retirement to or in respect of any officers or servants of an air company shall not be carried out by the company unless the scheme has been approved of by the Minister following consultation with the Minister for Finance.

(2) A scheme amending or revoking a scheme in operation at the commencement of this Act or coming into operation thereafter for the granting of pensions, gratuities or other allowances on retirement to or in respect of any officers or servants of an air company shall not be carried out by the company unless the former scheme has been approved of by the Minister following consultation with the Minister for Finance.

(3) This section does not apply to superannuation schemes of the kind referred to in subsection (1) or (2) of this section which are in operation at the commencement of this Act.