S.I. No. 11/2004 - Córas Iompair Éireann Superannuation Scheme 1951 (Amendment) Scheme (Confirmation) Order 2004

I, SÉAMUS BRENNAN, Minister for Transport, in exercise of the powers conferred on me by section 44 (4) of the Transport Act 1950 (No. 12 of 1950), and the Communications (Transfer of Departmental Administration and Ministerial Functions) (No. 2) Order 1987 ( S.I. No. 92 of 1987 ) (as adapted by the Public Enterprise (Alteration of Name of Department and Title of Minister) Order 2002 ( S.I. No. 305 of 2002 )), after consultation with the Minister for Finance, hereby order as follows:

1. This Order may be cited as the Córas Iompair Éireann Superannuation Scheme 1951 (Amendment) Scheme (Confirmation) Order 2004.

2. In this Order “amending Scheme” means the Scheme amending the Córas Iompair Éireann Superannuation Scheme 1951 (confirmed by the Córas Iompair Éireann Superannuation Scheme 1951 (Confirmation) Order 1951 ( S.I. No. 353 of 1951 )), prepared by Córas Iompair Éireann and submitted to the Minister for Transport under section 44 (5) of the Transport Act 1950 (No. 12 of 1950), and set out in the Schedule to this Order.

3. The amending Scheme is confirmed and is deemed to have come into operation on 6 April 1995.

SCHEDULE

CÓRAS IOMPAIR ÉIREANN SUPERANNUATION SCHEME 1951 (AMENDMENT) SCHEME 2004

1. Interpretation

In this amending Scheme the following words and expressions shall have the meanings hereby assigned to them unless there is something inconsistent in the subject matter or context repugnant to such construction:—

“the existing Scheme” means the C.I.E. Superannuation Scheme 1951 set out in the Schedule to the Córas Iompair Éireann Superannuation Scheme 1951 (Confirmation) Order 1951 ( S.I. No. 353 of 1951 ), and subsequently amended by the amending Superannuation Schemes confirmed by Statutory Instruments numbered 221 of 1963, 80 of 1971, 254 of 1974, 47 of 1977, 126 of 1981, 245 of 1982, 345 of 1982, 287 of 1985, 339 of 1986, 58 of 1987, 29 of 1989, 212 of 1989, 234 of 1991, 12 of 1992, 13 of 1992, 421 of 1992, 323 of 2000, 122 of 2002 and 390 of 2003;

“the operative date” means the 6 April, 1995 in respect of every Article of this amending Scheme;

“Co-Ordinated Member” means a member who pays PRSI at the full rate and who was admitted to the Scheme after 5 April, 1995;

“Net Salary” means the amount by which Salary exceeds twice the single person's rate of Old Age (Contributory) Pension payable from time to time;

“Net Pensionable Salary” means the amount by which Pensionable Salary exceeds twice the single person's annual maximum personal rate of Old Age (Contributory) Pension payable on the last day of pensionable membership;

“Old Age (Contributory) Pension” means the contributory old age pension payable under the Social Welfare Acts;

The “Social Welfare Acts” means the Social Welfare (Consolidation) Act 1993 and every other enactment which is to be construed together with it as one, or any legislation amending, extending or replacing the same;

“Social Welfare Benefit” means Contributory Old Age Pension, Retirement Pension, Invalidity Pension, Disability Benefit or Unemployment Benefit payable under the Social Welfare Acts.

2. In this amending Scheme unless otherwise expressly stated the words and expressions used shall have the meanings assigned to them by the existing Scheme.

3. Continuance of the existing Scheme

(1) Subject as hereinafter specifically provided the benefits provided by the existing Scheme shall continue to be paid or be payable under and in accordance with the terms thereof and without alteration to every existing pensioner whose pension commenced prior to the operative date and to the personal representative of any deceased pensioner or member if the deceased's pension commenced or death occurred prior to the operative date.

(2) Subject as hereinafter specifically provided nothing in this amending Scheme shall affect the rights of any of the persons mentioned in the preceding sub-article, nor shall this amending Scheme affect any subsisting right or liability accrued to or in respect of, or incurred under the existing Scheme by, any person who retired from or left the service of the Board or died prior to the operative date.

4. Amendment of the existing Scheme

Subject to the provisions of Article 3 of this amending Scheme, the existing Scheme shall be amended with effect on and from the operative date so as to conform to the provisions hereinafter contained and every provision of the existing Scheme which is inconsistent with the provisions hereinafter contained shall cease to have effect.

5. Rule 19(1) of the existing Scheme shall be deleted and the following Rule shall be substituted therefor:

“(1) Every member shall make contributions to the Fund. In this rule the term “member” includes a Co-Ordinated Member where the context so requires.”

6. Rule 19(2) of the existing Scheme shall be deleted and the following Rule shall be substituted therefor:

“(2)  (a) Subject to any alterations made under Clause (3) of this Rule, the contributions of a member who is not a Co-Ordinated Member shall be the percentage of the salary of the member which is specified for the age of the member in the following scale:—

(b) Subject to any alterations made under Clause (3) of this Rule, the contributions of a Co-Ordinated Member shall be the percentage of the Net Salary and Salary of the Co-Ordinated Member which is specified for the age of the Co-Ordinated Member in the following scale:—

(c) Every member to whom Rule 29 applies shall contribute a further one-eighth part of one per cent of his/her Salary or if s/he is a Co-Ordinated Member, one-eighth part of one per cent of his/her Net Salary, as well as any further contribution payable under Rule 29(1) (b), 29(2) or 29(3).”

7. Rule 21(3)(b) of the existing Scheme shall be deleted and the following Rule shall be substituted therefore:

“(b) The rate per annum of the annuity shall be one eightieth of the member's Pensionable Salary or Net Pensionable Salary in the case of a Co-Ordinated Member multiplied by the number of years of his/her pensionable membership (subject to a maximum of forty years).”

8. Rule 21(5)(b) of the existing Scheme shall be deleted and the following Rule shall be substituted therefore:

“(b) The rate per annum of the annuity shall be one eightieth of the member's Pensionable Salary or Net Pensionable Salary in the case of a Co-Ordinated Member multiplied by the number of years of his/her pensionable membership (subject to a maximum of forty years) reduced to reflect payment in advance of the age of 60 years by such amount as the Committee after consulting the Actuary shall determine.”

9. Rule 22(1)(b) of the existing Scheme shall be deleted and the following Rule shall be substituted therefore:

“(b) The annuity to be paid under the preceding sub-paragraph shall be an amount equal to one-sixtieth of the member's Pensionable Salary or Net Pensionable Salary in the case of a Co-Ordinated Member (taking the date of death as the date of retirement) for every year of his/her pensionable membership and limited to two-thirds of his/her Pensionable Salary or two-thirds of his/her Net Pensionable Salary in the case of a Co-Ordinated Member.”

10. Rule 39 of the existing Scheme shall be amended by the addition thereto of the following paragraphs:

“Where a person who is in receipt of a pension under the existing Scheme is unemployed, and, due to causes outside his/her control:

(a)  Fails to qualify for Social Welfare Benefit or

(b)  Qualifies for Social Welfare Benefit at a reduced rate then for so long as the preconditions set out in this paragraph and the paragraph below are complied with, the person concerned may, at the discretion of the Board, be paid a supplementary pension under the existing Scheme.

The amount of a supplementary pension payable pursuant to the above paragraph shall be the amount, if any, arrived at by the formula A - (B + C), where A is the amount of the pension which would be payable to the former member under Rule 21 of the existing Scheme if such pension had been calculated by reference to Pensionable Salary rather than Net Pensionable Salary, B is the amount of the pension actually pyable to the former member under Rule 21 of the existing Scheme and C is the annual amount of the reduced rate of the Social Welfare Benefit, if any, which is payable to the former member.”

EXPLANATORY NOTE.

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

The purpose of this Order is to co-ordinate the members' superannuation contributions and benefits with social insurance benefits with effect from 6 April 1995.