S.I. No. 210/2016 - Financial Services Ombudsman Bureau Staff Superannuation Scheme 2016.

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 29th April, 2016.

The Financial Services Ombudsman Council, in exercise of the powers conferred on it by paragraph 5 of Schedule 7 to the Central Bank Act 1942 , inserted by section 22 of the Central Bank and Financial Services Authority of Ireland Act 2004 (No. 21 of 2004), with the approval of the Minister for Finance in consultation with the Minister for Public Expenditure and Reform, hereby makes the following scheme:

1. (1) This Scheme may be cited as the Financial Services Ombudsman Bureau Staff Superannuation Scheme 2016.

(2) This Scheme comes into operation on 1 May 2016.

2. The Rules set out in the Schedule to the Rules for Pre-existing Public Service Pension Scheme Members Regulations 2014 ( S.I. No. 582 of 2014 ) are adopted as a scheme for the granting of superannuation benefits to or in respect of members of the staff of the Financial Services Ombudsman Bureau, subject to the modifications set out in Article 3 and the supplementary rule in Article 4.

3. The modifications referred to in Article 2 are as follows:

(a) the insertion of the following paragraph to Article 5(2) of the Schedule to the Rules for Pre-existing Public Service Pension Scheme Members Regulations 2014 ( S.I. No. 582 of 2014 ):

“(d) who is serving on the staff of the Financial Services Ombudsman Bureau on 1 April 2005 who did not elect on or before 30 September 2005 to join this Scheme.”;

(b) the insertion of the following sub-article after Article 5(2):

“(2A) Subject to sub-article (2),

(a) a pensionable employee serving on the staff of the Financial Services Ombudsman Bureau on 1 April 2005 who, not later than 30 September 2005, elected to join this Scheme, shall be a member of this Scheme with effect from 1 April 2005;

(b) a pensionable employee appointed to the staff of the Financial Services Ombudsman Bureau after 1 April 2005 shall be a member of this Scheme with effect from the date of his or her appointment.”.

4. Supplemental to the rules of the scheme adopted under Articles 2 and 3, the Bureau shall pay additional contributions at such rates as the Minister for Finance, after consulting with the Minister for Public Expenditure and Reform, deems to be necessary in order to meet the cost of benefits provided by the scheme, taking account of members’ contributions under this Scheme.

The Minister for Finance approves the foregoing Scheme.

GIVEN under my Official Seal,

26 April 2016.

MICHAEL NOONAN,

Minister for Finance.

GIVEN under the Official Seal of the Financial Services Ombudsman Council

28 April 2016.

DERMOTT JEWELL,

Chairperson.

EXPLANATORY NOTE

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

The purpose of these Regulations is to adopt the Rules set out in the Schedule to the Rules for Pre-existing Public Service Pension Scheme Members Regulations 2014 ( S.I. No. 582 of 2014 ) as a scheme for the granting of superannuation benefits to or in respect of members of the staff of the Financial Services Ombudsman Bureau who are not members of the Single Public Service Pension Scheme.