Insurance Act, 1990
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Transfer of employees, etc. |
6.—(1) Every person who immediately before the transfer date was an employee of the Original Company shall, on the said date, become an employee of the New Company with the same rights and subject to the same obligations and incidents in the New Company as he was subject to or enjoyed in the Original Company. | |
(2) Every person who is a member of or entitled to benefit under a pension or superannuation scheme of the Original Company shall, with effect from the transfer date, become a member of or be entitled to the corresponding benefit under a corresponding pension or superannuation scheme established in respect of the New Company on terms not less favourable than those under the first mentioned scheme. | ||
(3) Any benefit payable under a pension or superannuation scheme of the Original Company to the personal representative (in his capacity as personal representative) of a deceased person formerly employed in the business of the Original Company and remaining unpaid on the transfer date shall become and be payable on that date under a corresponding pension or superannuation scheme of the New Company. | ||
(4) Service or employment with the Original Company shall, for the purpose of ascertaining and calculating the right to benefit under any such corresponding scheme, be taken into account as if it were service or employment with the New Company but the transfer of service or employment from the Original Company to the New Company shall not, of itself, give rise to any claim to benefit under any such scheme. | ||
(5) At the request of either the Original Company or the New Company or both, the Court may include in a transfer order as it thinks appropriate such provision for transferring the whole or any part of the property and assets of any pension or superannuation scheme of the Original Company to a corresponding pension or superannuation scheme in respect of the New Company vesting it in the trustees or other persons charged with the administration of such corresponding scheme and for winding-up, dissolving or terminating any such scheme of the Original Company and the scheme shall have effect in accordance with any such provisions, any such scheme of the Original Company being wound-up, dissolved or terminated, as the case may be. | ||
(6) Notwithstanding the provisions of the Perpetual Funds (Registration) Act, 1933 , the Irish Life Staff Pension Scheme (as set forth in a deed dated the 28th day of October, 1941, as purported to be varied by a draft deed of variation notified to the Registrar of Friendly Societies) shall have effect as if it had been registered in accordance with the provisions of the said Act on the 1st day of June, 1979. | ||
(7) In this section: | ||
“benefit” means any pension, annuity, lump sum, gratuity or other like payment given on retirement or payable after retirement in respect of past service or on or in connection with death during service or after retirement; | ||
“pension or superannuation scheme of the Original Company” means a scheme, arrangement or fund established in connection with the business of the Original Company for the provision of benefit for the employees of the Original Company or their dependants on their retirement or death. |