S.I. No. 57/1961:

GREAT SOUTHERN RAILWAYS COMPANY AMENDING SUPERANNUATION SCHEME FOR REGULAR WAGES STAFF (CONFIRMATION) ORDER, 1961.

GREAT SOUTHERN RAILWAYS COMPANY AMENDING SUPERANNUATION SCHEME FOR REGULAR WAGES STAFF (CONFIRMATION) ORDER, 1961.

WHEREAS by the Transport Act, 1944 (Section 45) Order, 1945 ( S. R. & O. No. 55 of 1945 ), made under subsection (3) of Section 45 of the Transport Act, 1944 (No. 21 of 1944), the Great Southern Railways Company Pension Scheme for Regular Wages Staff (a copy whereof is set out in the Schedule to the said Order) was confirmed :

AND WHEREAS Córas Iompair Éireann (in these Recitals referred to as the Board) has, in pursuance of subsection (5) of Section 44 of the Transport Act, 1950 (No. 12 of 1950), and the Transport, Fuel and Power (Transfer of Departmental Administration and Ministerial Functions) Order, 1959 (No. 125 of 1959), submitted to the Minister for Transport and Power a scheme (in these Recitals referred to as the amending scheme) amending the said Great Southern Railways Company Pension Scheme for Regular Wages Staff :

AND WHEREAS the amending scheme was, under subsections (2) and (5) of Section 44 of the Transport Act, 1950 , referred back to the Board by the said Minister for reconsideration and resubmission :

AND WHEREAS the amending scheme was reconsidered and resubmitted to the Minister by the Board :

AND WHEREAS by virtue of subsection (8) of Section 44 of the Transport Act, 1950 , as amended by Section 18 of the Transport Act, 1958 (No. 19 of 1958), a superannuation scheme confirmed under Section 44 of the Transport Act, 1944 , is deemed to be a superannuation scheme confirmed under Section 44 of the Transport Act, 1950 :

AND WHEREAS the said Minister proposes to confirm the amending scheme, as resubmitted to him by the Board, without modification :

NOW, I, ERSKINE H. CHILDERS, Minister for Transport and Power, in exercise of the powers conferred on me by subsections (4) and (5) of Section 44 of the Transport Act, 1950 (No. 12 of 1950), and the Transport, Fuel and Power (Transfer of Departmental Administration and Ministerial Functions) Order, 1959 (No. 125 of 1959), hereby, after consultation with the Minister for Finance, order as follows :

1. This Order may be cited as the Great Southern Railways Company Amending Superannuation Scheme for Regular Wages Staff (Confirmation) Order, 1961.

2. In this Order " the amending scheme " means the scheme (amending the Great Southern Railways Company Pension Scheme for Regular Wages Staff) resubmitted by Córas Iompair Éireann under subsections (2) and (5) of section 44 of the Transport Act, 1950 .

3. The amending scheme (a copy of which is set out in the Schedule to this Order) is hereby confirmed and shall come into operation on the 21st day of March, 1961.

SCHEDULE.

GREAT SOUTHERN RAILWAYS COMPANY AMENDING SUPERANNUATION SCHEME FOR REGULAR WAGES STAFF.

1. Definitions.

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

" The existing Scheme " means the Great Southern Railways Company Pension Scheme for Regular Wages Staff confirmed by the Transport Act, 1944 (Section 45) Order, 1945, ( S. R. & O. No. 55 of 1945 ) as amended by the Great Southern Railways Company Pension (Amendment) Scheme for Regular Wages Staff confirmed by the Minister for Industry and Commerce on the 31st day of October, 1957.

" The Board " means Córas Iompair Éireann.

" This Scheme " means the existing Scheme as hereby amended.

" The Fund " means the Fund established for the purposes of this Scheme.

" Operative date " means the date prescribed by the Order confirming this Scheme as the date upon which this Amending Scheme is to come into operation.

2. (1) Where at any time on or after the 1st day of October, 1958, and within ten years of reaching the normal age of retirement the services of any member of this Scheme having not less than twenty years' service are dispensed with by the Board in circumstances entitling such former member to compensation under Section 14 of the Transport Act, 1958 , or Section 17 of the Great Northern Railway Act, 1958 , the following provisions shall apply :--

(a) a male member who, at the date upon which his services are dispensed with, has not reached the age of 63 years, or a female member, may at his or her option, exercisable in the manner hereinafter provided, elect to leave his or her contributions (if not earlier withdrawn) in the Fund instead of receiving a refund thereof, in which event--

(i) a male member shall be entitled, on reaching 63 years of age, to receive a pension for life (hereinafter called a " deferred pension ") which shall be a weekly sum equal to 83% of such amount as bears the same proportion to the sum of 33/6d. as the number of years of his actual service bears to the number of years of his possible service had he remained in the Board's employment until the normal age of retirement;

(ii) a female member shall be entitled, on reaching the normal age of retirement, to receive a pension for life (hereinafter called a " deferred pension ") which shall be a weekly sum equal to such amount as bears the same proportion to the sum of 13/-d. as the number of years of her actual service bears to the number of years of her possible service had she remained in the Board's employment until the normal age of retirement;

(b) a male member who, at the date upon which his services are dispensed with, is 63 years of age or over, shall be entitled forthwith to receive a pension for life (hereinafter called a " special pension ") which shall be a weekly sum calculated in accordance with the provisions of sub-paragraph (i) of the preceding paragraph of this sub-Article with an additional two-thirds percentage of the said proportionate amount for every completed calendar month of his service during the twelve calendar months following his reaching the age of 63 years, and with a further additional three-quarters percentage of the said proportionate amount for every completed calendar month of his service after reaching the age of 64 years.

(2) If any former member receiving a deferred or special pension dies within five years from the date of its commencement, payment shall be continued to his personal representative until the said period has expired.

(3) The said option shall be exercised by notice in writing delivered to the Chief Accountant of the Board. Where the services of any such former member as aforesaid have been so dispensed with prior to the operative date, he shall (provided he has not withdrawn his contributions before that date) be entitled to exercise the said option within four weeks from the operative date. In any other case, the said option shall, if exercised, be exercised within four weeks from the date upon which the services of such former member are so dispensed with. No former member entitled to exercise the said option shall have any right to a refund of his contributions before the period during which the said option may be exercised has expired.

(4) If any former member entitled to a deferred pension dies before such pension becomes payable, a refund of his contributions, without interest, shall be made from the Fund to his personal representative.

(5) Deferred and special pensions shall be deemed not to be reduced pensions within the meaning of the existing Scheme.

GIVEN under my Official Seal, this 21st day of March, 1961.

ERSKINE H. CHILDERS,

Minister for Transport and Power.

EXPLANATORY NOTE.

The purpose of the Order is to confirm an amending superannuation scheme which provides for the payment of deferred pensions to certain members of the existing Great Southern Railways Company Pension Scheme for Regular Wages Staff.