State Airports (Shannon Group) Act 2014
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Amendment to superannuation schemes | ||
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34. (1) Section 32 (as amended by paragraph 16 of the Schedule to the Act of 2004) of the Act of 1998 is substituted by the following: | ||
“Superannuation schemes | ||
32. (1) A company may prepare and submit to the Minister a scheme or schemes for the granting or provision of superannuation benefits to or in respect of such members of the staff or former members of staff (including chief executives) of the company or subsidiaries of the company as it may think fit, and such scheme shall, if approved by the Minister with the consent of the Minister for Public Expenditure and Reform, be carried out by the company in accordance with its terms. | ||
(2) A scheme prepared under subsection (1) may apply to one company or more than one company. | ||
(3) Every scheme to which subsection (1) relates shall fix the time and conditions of retirement for all persons to or in respect of whom superannuation benefits are payable under the scheme, and different times and conditions may be fixed in respect of different classes of persons. | ||
(4) Every scheme under this section may be amended or revoked by a subsequent scheme prepared, submitted and approved in the like manner as a scheme to which subsection (1) relates. | ||
(5) Nothing in this section shall be deemed to invalidate an existing scheme. | ||
(6) A scheme amending or revoking an existing scheme shall not be carried out by a company (save in the case of a scheme amending or revoking the IAS scheme) unless it has been approved by the Minister with the consent of the Minister for Public Expenditure and Reform. | ||
(7) No superannuation benefit shall be granted by a company nor shall any other arrangements be entered into by a company for the provision of such a benefit to or in respect of a member of the staff of the company or a subsidiary of the company otherwise than— | ||
(a) in accordance with a scheme under this section or an existing scheme, or | ||
(b) with the approval of the Minister given with the consent of the Minister for Public Expenditure and Reform. | ||
(8) A company may, on the commencement of a scheme prepared by it under subsection (1), establish a new fund for each such scheme, administered by trustees who shall be appointed by the company, from which superannuation benefits payable under such scheme shall be paid or provided by the application of the fund or any part of it. | ||
(9) A scheme made by a company under this section shall make provision for appeals. | ||
(10) A scheme made by a company under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the scheme is passed by either such House within the next 21 days on which that House has sat after the scheme is laid before it, the scheme shall be annulled accordingly without prejudice to anything previously done thereunder. | ||
(11) In this section, a reference to former members of the staff of a company or a subsidiary of a company, does not include a reference to such former members who after ceasing to be members of the staff of the company or a subsidiary of the company became and were members of the staff of any other employer participating in the IAS scheme, unless the company determines otherwise. | ||
(12) In this section— | ||
‘existing scheme’ means— | ||
(a) the IAS scheme, or | ||
(b) a scheme for the granting of superannuation benefits to or in respect of any members of the staff of Aer Rianta International, cuideachta phoiblí theoranta, in operation on the passing of the State Airports (Shannon Group) Act 2014, | ||
and includes, where the context so admits, a reference to that scheme as amended by a scheme to which subsection (6) relates, as may be appropriate; | ||
‘IAS scheme’ means the Irish Airlines (General Employees) Superannuation Scheme in operation on the passing of the State Airports (Shannon Group) Act 2014 (including any amendments made to that scheme after such passing). | ||
IAS scheme member joining another occupational pension scheme | ||
32A. (1) In the event that an IAS scheme member who is an employee of a company or any other person who participates as an employer in the IAS scheme agrees to become a member of another occupational pension scheme (referred to in this subsection as ‘the other scheme’) whether— | ||
(a) in the case of a company, prepared, submitted and carried out in accordance with section 32, or | ||
(b) in the case of any other employer of an IAS scheme member, established by his or her employer, | ||
then with effect from the date the IAS scheme member becomes a member of the other scheme— | ||
(i) that IAS scheme member shall cease to accrue any superannuation benefit under the IAS scheme in respect of service after the date of joining the other scheme and such IAS scheme member shall be treated under the provisions of the IAS scheme as though his or her service had terminated on that date with an entitlement to a deferred benefit, and | ||
(ii) that IAS scheme member and the employer of that member shall cease to have any liability whatsoever to pay any contribution to the IAS scheme for or in respect of such IAS scheme member in respect of service after the date of joining the other scheme, | ||
if the consequences referred to in subparagraphs (i) and (ii) do not otherwise occur as a matter of law. | ||
(2) Subsection (1) does not operate to limit the trustees of the IAS scheme in the exercise of any power conferred on them by section 32B. | ||
(3) In this section ‘IAS scheme’ has the meaning assigned to it in section 32(12). | ||
Power of trustee to amend provisions of IAS scheme | ||
32B. (1) (a) Notwithstanding anything contained in any provision of the IAS scheme, the trustees of that scheme may make such amendments to the provisions of that scheme as they consider appropriate in the overall interests of the scheme members and with due regard to the interests of the different categories of member, having regard to such matters as the trustees consider relevant including the funding deficit of the scheme, the potential impact of the deficit on the interests of the categories of members and any other superannuation provisions made for such members or any of them, to provide— | ||
(i) that with effect from a date to be decided by the trustees the accrual of benefits under, and the contribution liability to, the scheme for all or any such members and their employers shall simultaneously cease and any such member or members shall be treated under the provisions of the IAS scheme as though his or her service had terminated on that date with an entitlement to a deferred benefit, and | ||
(ii) for such other changes as shall be necessary to give effect to, or which are consequential upon, the amendment referred to in subparagraph (i). | ||
(b) The consent of the members or of a company or other employer participating in the IAS scheme or of any other person referred to in any provision of the IAS scheme shall not be required by the trustees for the exercise of the powers conferred on them by this subsection. | ||
(c) This subsection does not limit any power to amend any provision of the IAS scheme that, apart from this section, vests in the trustees or any other powers of the trustees pursuant to the scheme. | ||
(2) Where the trustees of the IAS scheme, acting honestly and reasonably, exercise the powers conferred on them under subsection (1)(a), they and the IAS scheme shall be discharged from any obligation to provide benefits attributable to service in the IAS scheme on and after the date of cessation of accrual of benefits. | ||
(3) Where any amendment of the IAS scheme is, in the opinion of the trustees, necessary to comply with any direction of the Pensions Authority under section 50 of the Pensions Act 1990 , following an application by the trustees or otherwise under that section, the consent of the members or of a company, other employer participating in the IAS scheme or any other person referred to in any provision of the scheme is, for the avoidance of doubt, not required. | ||
(4) In this section ‘IAS scheme’ has the meaning assigned to it in section 32(12). | ||
(5) Where the trustees of the IAS scheme exercise the powers conferred on them under subsection (1)(a), the revaluation of preserved benefits under the IAS scheme in accordance with section 33 of the Pensions Act 1990 shall cease and thereafter no further revaluation of IAS scheme benefits shall occur. | ||
(6) Subsections (1) and (5) come into operation on such day or days as the Minister may appoint by order or orders either on the same day or, with reference to a particular subsection, on different days.” | ||
(2) Section 9 of the Aer Lingus Act 2004 is repealed. |