S.I. No. 74/1980:

CÓRAS IOMPAIR ÉIREANN AMENDING SUPERANNUATION SCHEME FOR REGULAR WAGES STAFF (CONFIRMATION) ORDER, 1980.

CÓRAS IOMPAIR ÉIREANN AMENDING SUPERANNUATION SCHEME FOR REGULAR WAGES STAFF (CONFIRMATION) ORDER, 1980.

I, ALBERT REYNOLDS, Minister for Transport, in exercise of the powers conferred on me by section 44 of the Transport Act, 1950 (No. 12 of 1950), as adapted by the Transport, Fuel and Power (Transfer of Departmental Administration and Ministerial Functions) Order, 1959 ( S.I. No. 125 of 1959 ), the Transport and Power (Alteration of Name of Department and Title of Minister) Order, 1977 ( S.I. No. 305 of 1977 ), and the Tourism and Transport (Alteration of Name of Department and Title of Minister) Order, 1980 ( S.I. No. 11 of 1980 ), hereby, after consultation with the Minister for the Public Service, order as follows:--

1. This Order may be cited as the Córas Iompair Éireann Amending Superannuation Scheme for Regular Wages Staff (Confirmation) Order, 1980.

2. In this Order "the scheme" means the scheme amending the Córas Iompair Éireann Pension Scheme for Regular Wages Staff prepared by the Board and submitted to the Minister under section 44 of the Transport Act, 1950 (No. 12 of 1950), and set out in the Schedule to this Order.

3. The scheme is hereby confirmed and shall be deemed to have come into operation on the date of the making of this Order and shall be effective for a period of five years from that date.

SCHEDULE.

CÓRAS IOMPAIR ÉIREANN PENSION SCHEME FOR REGULAR WAGES STAFF AMENDING SCHEME, 1980.

1. Definitions.

In this amending Scheme "the existing Scheme" means the Córas Iompair Éireann Pension Scheme for Regular Wages Staff confirmed by S.R. No. 242 of 1945 and subsequently amended by amending schemes confirmed by Statutory Instruments numbered 115 of 1949, 34 of 1955, 226 of 1957, 56 of 1961, 48 of 1965, 7 of 1967, 58 of 1969, 77 of 1971, 252 of 1974 and 288 of 1977.

The term "the operative date" means the date of the Order of the Minister for Transport confirming this amending scheme.

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. Amendment of the existing Scheme.

The following new Clause shall be inserted in the Scheme to follow Clause 9 (2) of the amending Scheme set out in the Schedule to S.I. No. 226 of 1957 with effect from the operative date:--

9. (2) ( a ) A member having not less than ten years' service whose services are dispensed with within the period of five years following the operative date because of redundancy arising from any scheme for the re-organisation or more economical operation of any department of the Board's undertaking, he then being within ten years of reaching the normal age of retirement may, if the Board so agrees, be granted a reduced pension calculated in accordance with Article 5 of the Schedule to S.I. No. 48 of 1965 .

( b ) A member having not less than ten years' service whose services are dispensed with within the period of five years following the operative date for the cause specified in the preceding paragraph, he being then between the ages of 50 and 55 years, may, if the Board so agrees be granted a reduced pension deferred to and payable from the date on which he attains the age of 55 years, which reduced pension shall be calculated in accordance with Article 5 of the Schedule to S.I. No. 48 of 1965 .

( c ) If an additional contribution to the Fund is required to meet the cost of providing a reduced pension under paragraph (a) above, it shall be contributed by the member or by the Board or jointly by the member and the Board as they may agree between them.

Paragraphs (3) and (4) of the said Clause 9 shall be renumbered (4) and (5) respectively.

GIVEN under my Official Seal, this 12th day of March, 1980.

ALBERT REYNOLDS.

Minister for Transport.

EXPLANATORY NOTE

The purpose of the Scheme is to provide for the reduction, under certain conditions, of the retiring ages prescribed in the existing Scheme, to allow for voluntary early retirement on redundancy.