S.I. No. 571/2018 - Córas Iompair Éireann Superannuation Scheme 1951 (Amendment) Scheme (Confirmation) (No. 2) Order 2018

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 1st January, 2019.

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), the Communications (Transfer of Departmental Administration and Ministerial Functions) (No. 2) Order 1987 ( S.I. No. 92 of 1987 ) and Article 4 of the Córas Iompair Éireann (Additional Powers) Order 1988 ( S.I. No. 381 of 1988 ) (as adapted by the Transport (Alteration of Name of Department and Title of Minister) Order 2011 ( S.I. No. 141 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 Superannuation Scheme 1951 (Amendment) Scheme (Confirmation) (No. 2) Order 2018.

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 Transport, Tourism and Sport under section 44 (5) of the Transport Act 1950 (No. 12 of 1950) and set out in the Schedule to this Order.

3. The amending Scheme is confirmed and comes into operation on 21 December 2018.

SCHEDULE

Córas Iompair Éireann Superannuation Scheme 1951 (Amendment) Scheme (Confirmation) (No. 2) Order 2018

Interpretation

1. (1) In this amending Scheme—

“existing Scheme” means the Córas Iompair Éireann 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 last amended by the amending superannuation scheme confirmed by the Córas Iompair Éireann Superannuation Scheme 1951 (Amendment) Scheme (Confirmation) Order 2018 ( S.I. No. 535 of 2018 );

“1992 Amending Scheme (No.3)” means the amending scheme confirmed by the Córas Iompair Éireann Superannuation Scheme, 1951 (Amendment) (No. 3) Scheme (Confirmation) (No. 3) Order 1992 ( S.I. No. 421 of 1992 ),

“2016 Amending Scheme” means the amending scheme confirmed by the Córas Iompair Éireann Superannuation Scheme, 1951 (Amendment) Scheme (Confirmation) Order 2016 ( S.I. No. 65 of 2016 ),

“operative date” means 21 December 2018 in respect of Articles 3 and 4 of this amending Scheme.

(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 the 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 the service of the Board or died prior to the operative date.

Amendment of the existing Scheme

3. Subject to the provisions of 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 existing Scheme is amended-

(a) by substituting for Rule 29A(8) (amended by Article 14 of the 1992 Amending Scheme (No. 3)) of the existing Scheme the following:

“(8) The contributions to be paid by a member who elects to purchase notional pensionable membership by periodical deductions from salary shall be a percentage of the salary of the member payable between the date of the member’s birthday next following the day when he so elects and the date on which he attains 60 years of age.

The percentage of salary shall be calculated with reference to the age of the member on a formula to be determined by the Actuary. The formula shall depend on current investment conditions, the age pattern of those electing to purchase, demographic factors and any change from time to time in future funding policy as regards discretionary benefits and the formula applying under this Clause may be altered at any time and from time to time by and at the discretion of the Actuary.”,

(b) by substituting for Rule 29A(9) (amended by Article 14 of the 1992 Amending Scheme (No. 3) and further amended by Article 4 of the 2016 Amending Scheme) of the existing Scheme the following:

“(9) A member who elects to purchase notional pensionable membership by a lump sum payment shall pay a percentage of his salary indicated by reference to his age on his birthday next following the date of election for each year of notional pensionable membership to be purchased on the basis of a table to be determined by the Actuary. The table shall depend on current investment conditions, the age pattern of those electing to purchase, demographic factors and any change from time to time in future funding policy as regards discretionary benefits and the table applying under this Clause may be altered at any time and from time to time by and at the discretion of the Actuary.”

GIVEN under my Official Seal,

18 December 2018.

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 Rule 29A(8) and (9) of the Córas Iompair Éireann Superannuation Scheme, 1951 in relation to the purchase of notional pensionable membership.