Transport Act, 1950
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Existing superannuation schemes. |
45.—(1) In this section— | |
the expression “superannuation scheme” means any superannuation, pension, provident widows' and orphans' or other benefit fund or scheme, | ||
the expression “existing superannuation scheme” means a superannuation scheme, in existence immediately before the establishment date, being— | ||
(a) a superannuation scheme established by an absorbed company or an amalgamated company, within the meaning of the Railways Act, 1924 (No. 29 of 1924), or | ||
(b) a superannuation scheme established by a dissolved company, within the meaning of the Act of 1944, or | ||
(c) a superannuation scheme established under section 44 of the Act of 1944, or | ||
(d) the Córas Iompair Éireann, Salaried Officers' and Clerks' (G.S.R.) Superannuation Scheme (being the superannuation scheme confirmed by the Great Southern Railways Company (Superannuation Scheme) Act, 1947 (No. 21 of 1947)). | ||
(2) Subject to the provisions of this section, every existing superannuation scheme and the management thereof shall, on and after the establishment date, continue as if Córas Iompair Éireann (1945) had not been dissolved by this Act. | ||
(3) For the purposes of any statutory enactment and of rules and regulations relating to any existing superannuation scheme, the following provisions shall, on and after the establishment date, have effect, that is to say:— | ||
(a) any power of Córas Iompair Éireann (1945) or the directors or any officer thereof in relation to the said scheme may be exercised by the Board or any officer of the Board authorised by the Board in that behalf, | ||
(b) the service or employment or dismissal under or by the Board of any officer or servant of Córas Iompair Éireann (1945) who is transferred, by virtue of this Act, to the Board shall be deemed to be service or employment or dismissal under or by Córas Iompair Éireann (1945), | ||
(c) where under the rules of the said scheme the directors of Córas Iompair Éireann (1945) are empowered to appoint officers and servants to any managing committee, the Board in exercising those powers shall appoint officers or servants of the Board who are members of the said scheme or who, but for the dissolution of Córas Iompair Éireann (1945) effected by this Act, would have been eligible for appointment to such managing committee. | ||
(4) The obligations, whether obtaining legally or by customary practice, of Córas Iompair Éireann (1945) in respect of any existing superannuation scheme and in respect of every member of the said existing superannuation scheme shall be binding on the Board. | ||
(5) All persons who are or have been members of any existing superannuation scheme and all persons claiming in right of any such members, shall be entitled to the same benefits, rights and privileges and subject to the same obligations, whether obtaining legally or by customary practice, as such persons would have been or might have become entitled or subject to, if Córas Iompair Éireann (1945) had not been dissolved by this Act. | ||
(6) Any person who— | ||
(a) is in the service of Córas Iompair Éireann (1945) immediately before the establishment date, and | ||
(b) is not a member of any existing superannuation scheme, | ||
shall, so long as he remains in the service of the Board, have the same right (if any) to become a member of any such scheme as he would have had if Córas Iompair Éireann (1945) had not been dissolved by this Act and if he had remained in the service of Córas Iompair Éireann (1945). | ||
(7) Nothing in this section shall be construed as preventing the Board from amending an existing superannuation scheme in accordance with a power in that behalf contained therein. | ||
(8) An existing superannuation scheme shall be deemed to have been set up under an irrevocable trust. |