S.I. No. 77/1971 - Córas Iompair Éireann Amending Superannuation Scheme For Regular Wages Staff (Confirmation) Order, 1971.

1. This Order may be cited as the Córas Iompair Éireann Amending Superannuation Scheme for Regular Wages Staff (Confirmation) Order, 1971.

2. The existing Scheme shall be amended by the deletion of Article 4 of the Schedule to

Statutory Instrument No. 115 of 1949

and the substitution of the following rule therefor, that is to say:—

"4. All moneys in the hands of the Trustees belonging to the Fund and not required for the immediate purposes of this Scheme 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 and with the consent of the Board, 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 this Scheme, by the Minister for Finance."

3. The existing Scheme shall be further amended by the addition of the following new Article to be inserted after Article 4 of the Schedule to

Statutory Instrument No. 226 of 1957

, namely:—

"4A. MEMBERS EMPLOYED BY ÓSTLANNA IOMPAIR ÉIREANN.

When a person to whom

section 15

of the

Transport Act, 1963

applies remains or becomes a member of this Scheme the following provisions shall apply from the date when such person enters the employment of Óstlanna Iompair Éireann;

(

a

) in the application of the provisions of this Scheme to such a member the words "the Board" where they appear in Articles 8, 9, 10 and 11 of the Schedule to

S.I. No. 226 of 1957

and in Articles 2 (1) of the Schedule to

S.I. No. 56 of 1961

shall be read to mean "Óstlanna Iompair Éireann".

(

b

) article 4 (6) of the Schedule to

S.I. No. 226 of 1957

shall not apply to any such member;

(

c

) subject to the provisions of this Scheme in relation to promotion, a member who ceases to be employed by Óstlanna Iompair Éireann on its Regular Wages Staff shall cease to be a member of this Scheme unless his employment with Óstlanna Iompair Éireann has been terminated to enable him to return to the employment of the Board and upon such termination he forthwith returns to the employment of the Board in which event the provisions of this Article shall cease to apply to that member;

(

d

) in every year Óstlanna Iompair Éireann shall contribute to the Fund such amount as the Board on the advice of the Actuary shall direct having regard to the liability of the Fund to members employed by Óstlanna Iompair Éireann."

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 confirm a scheme to amend the existing Córas Iompair Éireann Superannuation Scheme for Regular Wages Staff.

WHEREAS by the Córas Iompair Éireann Superannuation Scheme for Regular Wages Staff (Confirmation) Order, 1945 (

S. R. & O. No. 242 of 1945

), made under

section 44

(2) of the

Transport Act, 1944

(No. 21 of 1944), the Coras Iompair Éireann Pension Scheme for Regular Wages Staff (a copy whereof is set out in the Schedule to the said Order) was confirmed

AND WHEREAS Córas Iompair Éireann (in these Recitals referred to as the Board) has, in pursuance of

section 44

(5) of the

Transport Act, 1950

, (No. 12 of 1960), and the Transport, Fuel and Power (Transfer of Departmental Administration and Ministerial Functions) Order, 1959 (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 said Córas Iompair Éireann Pension Scheme for Regular Wages Staff

AND WHEREAS the amending scheme was, under

sections 44

(2) and

44

(5) of the

Transport Act, 1950

, referred back to the Board by the said Minister for re–consideration and re–submission

AND WHEREAS the amending scheme was re–considered and resubmitted 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

AND WHEREAS by virtue of

section 44

(8) of the

Transport Act, 1950

, a superannuation scheme confirmed under

section 44

of the

Transport Act, 1944

, is deemed to be a superannuation scheme confirmed under

section 44

of the

Transport Act, 1950

NOW, I, BRIAN LENIHAN, Minister for Transport and Power, in exercise of the powers conferred on me by sub–sections (4) and (5) of

sections 44

(4) and

44

(5) of the

Transport Act, 1950

(No. 12 of 1950), and the Transport, Fuel and Power (Transfer of Departmental Administration and Ministerial Functions) Order, 1959 (No. 125 of 1959), hereby, after consultation with the Minister for Finance, order as follows