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Deductions for contributory pensions scheme.
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5.—The following section is hereby inserted in the Principal Act after section 6:
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“6A. (1) This section applies to a scheme for pensions for members of the Oireachtas which complies with the following conditions:
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(a) the scheme has been made by a joint committee of both Houses of the Oireachtas,
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(b) the scheme has been approved of by resolution of each House of the Oireachtas,
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(c) the scheme provides for the pensions thereunder being paid out of a fund to be held by trustees and maintained by means of contributions paid by all members of the Oireachtas.
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(2) A scheme to which this section applies shall have effect in accordance with its terms and the Minister shall, in accordance with regulations, make deductions from the allowances paid under this Act to members of the Oireachtas and pay the deductions into the fund maintained pursuant to the scheme.
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(3) The Minister may make regulations for the purposes of this section and the regulations shall be laid before each House of the Oireachtas as soon as may be after they are made.”
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