S.I. No. 115/1949 - Córas Iompair Éireann Amending Superannuation Scheme For Regular Wages Staff (Confirmation) Order, 1949.

WHEREAS by the Córas Iompair Éireann Superannuation Scheme for Regular Wages Staff (Confirmation) Order, 1945 ( S. R. & O. No. 242 of 1945 ), made under subsection (2) of section 44 of the Transport Act, 1944 (No. 21 of 1944), the Córas 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 has in pursuance of subsection (3) of the said section 44, submitted to the Minister for Industry and Commerce 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 said Minister, having heard all parties desirous of being heard and appearing to him to be interested in the amending scheme, has thought it proper to modify the amending scheme in certain respects :

NOW, I, DANIEL MORRISSEY, Minister for Industry and Commerce, in exercise of the powers conferred on me by subsections (2) and (3) of section 44 of the Transport Act, 1944 (No. 21 of 1944), hereby order as follows :—

1. This Order may be cited as the Córas Iompair Éireann Amending Superannuation Scheme for Regular Wages Staff (Confirmation) Order, 1949.

2. In this Order, the expression " the amending scheme " means the scheme (amending the Córas Iompair Éireann Pension Scheme for Regular Wages Staff) submitted by Córas Iompair Éireann in pursuance of subsection (3) of section 44 of the Transport Act, 1944 .

3. The amending scheme, as modified by the Minister for Industry and Commerce (a copy whereof, as so modified, is set out in the Schedule to this Order) is hereby confirmed and shall come into operation on the date on which this Order is made.

SCHEDULE.

CÓRAS IOMPAIR ÉIREANN AMENDING PENSION SCHEME FOR REGULAR WAGES STAFF.

The Córas Iompair Éireann Pension Scheme for Regular Wages Staff (which was confirmed by the Córas Iompair Éireann Superannuation Scheme for Regular Wages Staff (Confirmation) Order, 1945 ( S. R. & O. No. 242 of 1945 ), shall be amended by the addition at the end thereof of the following :—

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

The Company may at any time at their discretion, for the purpose of providing for and securing the discharge of their 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 Industry and Commerce, 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. In these provisions—

the expression " the Minister " means the Minister for Industry and Commerce ;

the expression " the fund " means the fund established for the purposes of the scheme ;

the expression " the trustees " means the person or persons in whom for the time being the fund is vested.

2. (1) The Company 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.

(2) If at any time there are no trustees of the fund the Company may act as the trustees pending the appointment of a new trustee or trustees.

3. The fund shall consist of :—

(a) the moneys 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.

4. All moneys belonging to the fund which are not required for the purposes of this scheme shall as soon as is reasonably possible either, at the discretion of the trustees, be invested in the name or under the control of the trustees in such securities as the trustees with the consent of the Company shall determine, or shall be lent to the Company at a rate of interest agreed upon between the trustees and the Company and subject to the condition that the money so lent shall be repayable by the Company to the trustees on demand.

5. The trustees with the consent of the Company as to the individual selected shall from time to time appoint one of the staff of the Company to act as Secretary of the fund and may at any time with the like consent remove the person so appointed from his office.

6. Not less often than once in every five years there shall be an investigation of the fund made by an actuary to be appointed by the Company.

7. (1) In every year there shall be a contribution from the Company to the fund of an amount not less than the total amount of the contributions of the members to the cost of the scheme during the preceding year.

(2) Subject to the minimum limit mentioned in paragraph (1) of this clause the contribution under the said paragraph shall be such sum as the Company think expedient having regard to any report received from the actuary as to the solvency of the fund and to every other circumstance which in the opinion of the Company is relevant.

(3) The contributions by the Company to the fund in any year shall be paid to the trustees for the purposes of the scheme and may be so paid by one payment or in equal or unequal instalments and at such time or times as shall appear expedient to the Company.

8. The contributions of the members to the cost of the scheme shall be paid to the trustees for the purpose of the scheme.

9. The trustees shall as the Company from time to time direct, make provisions for the payment out of the fund of the benefits which are payable under the scheme to or in respect of any of the members and for the payment and discharge out of the fund of any costs and expenses which may be incurred in respect of the scheme and which would have been paid and discharged by the Company under the terms of the scheme before the establishment of the fund.

10. In the event of the fund being at any time insufficient to provide for the payments mentioned in the foregoing clause the Company shall contribute and pay to the trustees for the purposes of the scheme the amount of the said insufficiency.

11. (1) The trustees shall once in every year cause a statement of account and a balance sheet of the fund to be prepared and to be audited by the auditor for the time being of the Company.

(2) A copy of every statement of account and balance sheet of the fund with the Auditor's Certificate or report thereon shall be sent to the Company within six months after the close of the period to which it relates.

12. If at any time all the pensions and benefits payable under the scheme to or in respect of any members have been duly paid and discharged or provided for, then and in such case the remaining portion of the fund shall be paid over to the Company."

GIVEN under my Official Seal this 22nd day of April, 7 1949.

(Signed) DANIEL MORRISSEY,

Minister for Industry and Commerce.