S.I. No. 79/1971 - Great Northern Railway Company (Ireland) - Â?Wages Staff Pension Fund Reserves (Amendment) Scheme (Confirmation) Order, 1971.


WHEREAS by section 15 (4) of the Great Northern Railway Act, 1958 (No. 20 of 1958), the Great Northern Railway Company (Ireland) Wages Staff Pension Fund Reserves were continued in being:

AND WHEREAS Córas Iompair Éireann (in these Recitals referred to as the Board) has, in pursuance of section 15 (10) of the Great Northern Railway Act, 1958 , and the Transport, Fuel and Power (Transfer of Departmental Administration and Ministerial Functions) Order, 1959 ( S.I. No. 125 of 1959 ), submitted to the Minister for Transport and Power a scheme (in these Recitals referred to as the amending scheme) amending the provision of the said Great Northern Railway Company (Ireland) Pension Fund for Wages Staff:

AND WHEREAS the amending scheme was under section 15 (10) of the Great Northern Railway Act, 1958 referred back to the Board by the said Minister for re-consideration and re-submission:

AND WHEREAS the amending scheme was re-considered and re-submitted to the said Minister by the Board:

AND WHEREAS the said Minister, having considered objections and representations in relation to the amending scheme, proposes to confirm the amending scheme as re-considered and re-submitted to him by the Board:

NOW, I, BRIAN LENIHAN, Minister for Transport and Power in exercise of the powers conferred on me by section 15 (10) of the Great Northern Railway Act, 1958 (No. 20 of 1958), and the Transport, Fuel and Power (Transfer of Departmental Administration and Ministerial Functions) Order, 1959 ( S.I. No. 125 of 1959 ), hereby, after consultation with the Minister for Finance, order as follows:—

1. This Order may be cited as the Great Northern Railway Company (Ireland) Wages Staff Pension Fund Reserves (Amendment) Scheme (Confirmation) Order, 1971.

2. In this Order "the amending scheme" means the scheme (amending the provisions of the Great Northern Railway Company (Ireland) Wages Staff Pension Fund Reserves submitted by Córas Iompair Eireann under section 15 (10) of the Great Northern Railway Act, 1958 .

3. The amending scheme (a copy of which is set out in the Schedule to this Order) is hereby confirmed and shall come into operation on the 1st day of January, 1971.

SCHEDULE.

Great Northern Railway Company (Ireland)—Wages Staff Pension Fund Reserves Amending Scheme, 1968.

1. Definitions:

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

"The Scheme" means the Wages Staff Pension Fund Reserves of the Former Great Northern Railway Board established by a Trust Deed dated the 31st August, 1938 and continued in being by section 15 of the Great Northern Railway Act, 1958 as an existing Superannuation Scheme within the meaning of that section, otherwise known as and referred to in the title hereof as the Great Northern Railway Company (Ireland) Wages Staff Pension Fund Reserves.

"The Board" means Córas Iompair Éireann.

"The Fund" means the Fund vested in the Trustees for the purposes of the Scheme.

"The Trustees" means the person or persons in whom for the time being the Fund is vested.

"The Trust Deed" means the Trust Deed of the 31st day of August, 1958.

2. The Scheme shall be amended by the deletion of clause 6 of the Trust Deed and the substitution of the following new clause therefor:—

"6. All moneys belonging to the Fund in the hands of the Trustees and not immediately required for the purposes of the Pension Fund 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 in any investments for the time being authorised by law as investments for trust moneys, or in any other investments for the time being approved of, for the purpose of the Pension Fund, by the Minister for Finance."

GIVEN under my Official Seal, this 25th day of February, 1971.

BRIAN LENIHAN,

Minister for Transport and Power.

EXPLANATORY NOTE.

The purpose of the Order is to amend the existing superannuation scheme in order to give wider powers of investment to the Trustees in respect of the moneys belonging to the fund.