S.I. No. 78/1971 - Great Southern Railways Company Amending Superannuation Scheme For Regular Wages Staff (Confirmation) Order, 1971.

1. This Order may be cited as the Great Southern Railways Company Amending Superannuation Scheme for Regular Wages Staff (Confirmation) Order, 1971.

2. The existing Scheme shall be amended by the addition of the following provision:—

"Establishment of a Fund for the purpose of "the Scheme".

The Board shall, for the purpose of providing for and securing the discharge of its liabilities under the Scheme, establish a fund for the purposes of the Scheme by transferring to one or more persons approved by the Minister for Transport and Power, moneys, assets or investments to be held by the said person or persons in trust for the said purposes; and on and after such establishment the following provisions shall have effect that is to say:—

(1) (

a

) The Board at their discretion, but with the consent of the Minister, may at any time remove a Trustee of the Fund or appoint to be a new Trustee of the Fund a person whom the Minister approves.

(

b

) If at any time there are no Trustees of the Fund the Board may act as the Trustees pending the appointment of a new Trustee or Trustees.

(2) The Fund shall consist of:—

(

a

) the moneys, investments, hereditaments, property and chattels vested in or transferred to the Trustees on the establishment of the Fund; and

(

b

) any interest from the investment of moneys belonging to the Fund; and

(

c

) any sums which are paid to the Trustees from time to time under and for the purposes of the Scheme.

(3) All moneys belonging to the Fund which are not immediately required for the purposes of the Scheme may be lent to the Board repayable 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 the Scheme, by the Minister for Finance.

(4) The Fund shall be administered in accordance with the irrevocable trusts declared by the Trust Deed made on the 2nd of April, 1946, as varied by this Scheme.

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 said Order confirmed on the 31st day of October, 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 of works "The Board" where they appear in Articles 8, 9, 10 and 11 of the Schedule to the Order confirmed on the 31

st

day of October, 1957 and in Article 2 (1) of

S.I. No. 57 of 1961

, shall be read to mean "Óstlanna Iompair Éireann".

(

b

) Article 4 (2) of the Schedule to the Order confirmed on the 31st day of October, 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 established for the purposes of this scheme 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 amend the existing superannuation scheme to give the Trustees wider powers of investment in respect of moneys belonging to the fund and to cover the position of staff transferred to the service of Óstlanna Iompair Éireann.

S.I. No. 78 of 1971.

GREAT SOUTHERN RAILWAYS COMPANY AMENDING SUPERANNUATION SCHEME FOR REGULAR WAGES STAFF (CONFIRMATION) ORDER, 1971.

WHEREAS by the

Transport Act, 1944

(Section 45) Order, 1945 (

S.R. & O. No. 55 of 1945

), made under

section 45

(3) of the

Transport Act, 1944

(No. 21 of 1944), the Great Southern Railways Company 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 1950), 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 Great Southern Railways Company 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 reconsideration and resubmission

AND WHEREAS the amending scheme was reconsidered and resubmitted to the said Minister 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

AND WHEREAS the said Minister having considered objections and representations in relation to the amending scheme proposes to confirm the amending scheme, as reconsidered and resubmitted to him by the Board

NOW, I, BRIAN LENIHAN, Minister for Transport and Power, in exercise of the powers conferred on me by

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