Forestry Act, 1988

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Superannuation.

44.—(1) The company shall prepare and submit to the Minister a scheme or schemes for the granting of pensions, gratuities and other allowances on resignation, retirement or death to or in respect of such members of the staff of the company as it may think fit.

(2) Every such scheme shall fix the time and conditions of retirement for all persons to or in respect of whom pensions, gratuities or allowances are payable under the scheme, and different times and conditions may be fixed in respect of different classes of persons.

(3) Subject to subsection (4), every such scheme may be amended or revoked by a subsequent scheme submitted and approved of under this section.

(4) Every scheme under this section shall provide for not less favourable conditions in respect of persons who, immediately before the vesting day, were members of the staff of the Department of Energy than those to which they were entitled immediately before the vesting day.

(5) Disbursement of pensions, gratuities and other allowances which may be granted to or in respect of persons who, immediately before the vesting day, were members of the staff of the Department of Energy shall not be on less favourable conditions than would apply if the benefits referred to had continued to be paid out of moneys provided by the Oireachtas.

(6) A scheme submitted by the company under this section shall, if approved by the Minister with the concurrence of the Minister for Finance, be carried out by the company in accordance with its terms.

(7) No pension, gratuity or allowance shall be granted by the company on the resignation, retirement or death of a member of the staff of the company otherwise than in accordance with a scheme under this section.

(8) Where a superannuation allowance falls due for payment to or in respect of a person to whom subsection (4) applies in the period beginning on the vesting day and ending immediately before the coming into operation of a scheme submitted by the company and approved of under this section, the allowance shall be calculated and paid by the company in accordance with such superannuation scheme or such enactments in relation to superannuation, as applied to such person immediately before the vesting day and, for that purpose, his pensionable service with the company shall be aggregated with his previous pensionable service.

(9) The Minister for Finance shall make such contribution as may, with his consent, be specified in a scheme or schemes under this section towards the pensions, gratuities and other allowances related to reckonable service given before the vesting day which may be granted to or in respect of persons who, immediately before that day, were members of the staff of the Department of Energy, and such scheme or schemes shall, with the like consent, fix the manner and times of the payment of such contribution.

(10) (a) Notwithstanding anything in the Superannuation Acts, 1834 to 1963, and the Superannuation and Pensions Act, 1976 , the Minister for Finance may, following consultation with the company, delegate to the company the payment of pensions, gratuities and other allowances to or in respect of such persons who were members of the staff of the Department of Energy or of other Departments and who were engaged in functions assigned to the company under this Act and who retired or died before the vesting day as he may specify.

(b) Any delegation under paragraph (a) shall provide for not less favourable conditions than would apply if the benefits referred to had continued to be paid out of moneys provided by the Oireachtas.

(c) The company shall make payments in accordance with any such delegation to it and shall be reimbursed by the Minister for Finance in respect thereof in such manner and at such times as may be specified in the articles of association of the company.

(11) Moneys required to be paid by the Minister for Finance under this section shall be advanced out of the Central Fund or the growing produce thereof.