S.I. No. 195/1988:

GREAT NORTHERN RAILWAY COMPANY (IRELAND) PENSION FUND FOR WAGES STAFF (AMENDMENT) SCHEME (CONFIRMATION) ORDER, 1988.

GREAT NORTHERN RAILWAY COMPANY (IRELAND) PENSION FUND FOR WAGES STAFF (AMENDMENT) SCHEME (CONFIRMATION) ORDER, 1988.

I, JOHN P. WILSON, Minister for Tourism and Transport in exercise of the powers conferred on me by section 44 of the Transport Act, 1950 (No. 12 of 1950), as applied by section 15 of the Great Northern Railway Act, 1958 (No. 20 of 1958) and the Communications (Transfer of Departmental Administration and Ministerial Functions) (No. 2) Order, 1987 ( S.I. No. 92 of 1987 ), hereby, after consultation with the Minister for Finance, order as follows:

1. This Order may be cited as the Great Northern Railway Company (Ireland) Pension Fund for Wages Staff (Amendment) Scheme (Confirmation) Order, 1988.

2. In this Order, "the amending Scheme" means the Scheme amending the Great Northern Railway Company (Ireland) Pension Fund for Wages Staff prepared by the Board and submitted to the Minister for Tourism and Transport under section 15 of the Great Northern Railway Act, 1958 (No. 20 of 1958), and set out in the Schedule to this Order.

3. The amending Scheme is hereby confirmed and shall be deemed to have come into operation on the 6th day of March, 1987.

SCHEDULE.

GREAT NORTHERN RAILWAY COMPANY (IRELAND) PENSION FUND FOR WAGES STAFF (AMENDMENT) SCHEME, 1988.

1. Definitions:

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

"the existing Scheme" means the Great Northern Railway Company (Ireland) Pension Fund for Wages Staff as amended by the amending Schemes confirmed by Statutory Instruments numbered 53 of 1962, 50 of 1965, 9 of 1967, 60 of 1969, 81 of 1971, 251 of 1974, 291 of 1977, 76 of 1980, 183 of 1982, 290 of 1985, 321 of 1985 and 54 of 1987.

"the operative date" means the 6th day of March, 1987.

"the Actuary" means the Actuary appointed by the Board for the purposes of this Scheme.

"Table A" means the Table of Pensions and Total Payments set out in Article 4 of the Schedule to S.I. No. 50 of 1965 as amended.

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 existing Scheme shall be amended with effect on and from the operative date so as to conform to the provisions hereinafter contained and every provision of the existing Scheme which is inconsistent with the provisions hereinafter contianed shall cease to have effect.

4. Commutation of Pension:

(1) At the request of a member made at the time of his retirement on pension whether on reaching the normal age of retirement or earlier the Board may, subject to any relevant limitation for the time being imposed by the Revenue Commissioners, commute up to one-quarter of any Weekly Pension to which he becomes entitled into a capital sum, the basis for commutation being decided by the actuary from time to time.

(2) If a member has retired on pension since the operative date and before the date of the Order confirming this amending Scheme, the Board may compute a permitted part of his pension provided that his request in that behalf is made before the expiration of three months from the latter date.

(3) If a member retires on pension before the normal age of retirement and part of his pension is commuted, then if that member is subsequently re-employed by the Board, upon subsequent retirement on pension the earlier commutation shall apply in reduction of the pension becoming payable and if further commutation is requested the earlier commutation shall be taken into account in limitation of the portion of the pension that may be commuted and in reduction of the capital sum to be paid.

5. Death after Retirement:

(1) Article 7 (3) of the Schedule to S.I. No. 53 of 1962 shall be deleted and the following substituted therefor:

"(3) Upon the death, within five years from the date of his retirement, of a pensioner receiving or entitled to receive a full pension there shall be paid to his personal representative in discharge of all further obligations of the Fund a lump sum equal to the appropriate Weekly Pension for Life (column 2 of Table A) multiplied by 260 less the total payments in respect of the pension then already made.".

(2) Article 9 (4) of the Schedule to S.I. No. 53 of 1962 , re-numbered as Article 9 (5) by S.I. No. 290 of 1985 , shall be deleted and the following substituted therefor:

"(5) Upon the death, within five years from the date of his retirement, of a pensioner receiving or entitled to receive a reduced pension, there shall be paid to his personal representative in discharge of all further obligations of the Fund a lump sum equal to the relevant portion of the appropriate Weekly Pension for Life (column 2 of Table A) multiplied by 260 less the total of payments in respect of the pension then already made, the relevant proportion being that proportion which was used in calculating the reduced pension.".

6. Reduced Pension:

Article 9 (1) of the Schedule to S.I. No. 53 of 1962 , as amended by S.I. No. 321 of 1985 , shall be deleted and the following substituted therefor:

"(1) If the employment of any member of this Scheme having not less than ten years service is terminated by the Board on grounds of his ill-health (including any bodily or mental disability) not resulting in the opinion of the Board from the Member's own misconduct, such member shall be entitled to a reduced pension payable weekly and calculated in accordance with Article 5 of the Schedule to S.I. No. 50 of 1965 .".

7. Refund of Contributions:

Article 11 (1) of the Schedule to S.I. No. 53 of 1962 , as amended by S.I. No. 183 of 1982 and S.I. No. 321 of 1985 , shall be deleted and the following substituted therefor:

"(1) (a) Any member of this Scheme who ceases to be employed by the Board (otherwise than in accordance with Article 10 or due to his death in service) without becoming entitled to any pension shall receive a refund of his contributions without interest subject to the provisions of sub-article (3) of this Article and subject to the deduction of tax at the appropriate rate under section 21 of the Finance Act, 1972 or under any subsequent statute replacing or re-enacting the said section.

(b) Any refund of contributions payable to a member or former member shall, if he had previously received a reduced pension, be reduced by such amount as the Actuary shall recommend.".

GIVEN under my Official Seal this 3rd day of August, 1988.

JOHN P. WILSON,

Minister for Tourism and Transport.

EXPLANATORY NOTE.

The purpose of the Scheme is to provide for the commutation into a capital sum of up to one quarter of the weekly pension; and the payment, in discharge of all further obligations of the Fund, of a lump sum to the personal representative of a pensioner who dies within five years from the date of his retirement and who was entitled to receive a pension.