S.I. No. 78/1971:

GREAT SOUTHERN RAILWAYS COMPANY AMENDING SUPERANNUATION SCHEME FOR REGULAR WAGES STAFF (CONFIRMATION) ORDER, 1971.

GREAT SOUTHERN RAILWAYS COMPANY AMENDING SUPERANNUATION SCHEME FOR REGULAR WAGES STAFF (CONFIRMATION) ORDER, 1971.

WHEREAS by the Transport Act, 1944 (Section 45) Order, 1945 ( S.R. & O. No. 55 of 1945 ), made under section 45 (3) 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 section 44 (5) 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 sections 44 (2) and 44 (5) 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 said Minister by the Board:

AND WHEREAS by virtue of section 44 (8) of the Transport Act, 1950 , 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 having considered objections and representations in relation to the amending scheme proposes to confirm the amending scheme, as reconsidered and resubmitted to him by the Board:

NOW, I, BRIAN LENIHAN, Minister for Transport and Power, in exercise of the powers conferred on me by sections 44 (4) and 44 (5) 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, 1971.

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

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 1st day of January, 1971.

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, 1965 ( S.R. & O. No. 55 of 1945 ) as amended by (a) 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, (b) the Great Southern Railways Company Amending Superannuation Scheme for Regular Wages Staff (Confirmation) Order, 1961, ( S.I. No. 57 of 1969 ), (c) the Great Southern Railways Company Pension (Amendment) Scheme for Regular Wages Staff (Confirmation) Order, 1965, ( S.I. No. 49 of 1965 ), (d) the Great Southern Railways Company Amending Superannuation Scheme for Regular Wages Staff (Confirmation) Order, 1967, ( S.I. No. 8 of 1967 ) and (e) the Great Southern Railways Company Amending Superannuation Scheme for Regular Wages Staff (Confirmation) Order, 1969, ( S.I. No. 59 of 1969 ).

"This Scheme" means the existing Scheme as hereby amended

"The Minister" means the Minister for Transport and Power. "The Board" means Córas Iompair Éireann.

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

"The Trustees" means the person or persons in whom for the time being the Fund is vested.

2. The existing Scheme shall be amended by the addition of the following provision:--

"Establishment of a Fund for the purpose of "the Scheme".

The Board shall, for the purpose of providing for and securing the discharge of its liabilities under the Scheme, establish a fund for the purposes of the Scheme by transferring to one or more persons approved by the Minister for Transport and Power, moneys, assets or investments to be held by the said person or persons in trust for the said purposes; and on and after such establishment the following provisions shall have effect that is to say:--

(1) (a) The Board at their discretion, but with the consent of the Minister, may at any time remove a Trustee of the Fund or appoint to be a new Trustee of the Fund a person whom the Minister approves.

(b) If at any time there are no Trustees of the Fund the Board may act as the Trustees pending the appointment of a new Trustee or Trustees.

(2) The Fund shall consist of:--

(a) the moneys, investments, hereditaments, property and chattels vested in or transferred to the Trustees on the establishment of the Fund; and

(b) any interest from the investment of moneys belonging to the Fund; and

(c) any sums which are paid to the Trustees from time to time under and for the purposes of the Scheme.

(3) All moneys belonging to the Fund which are not immediately required for the purposes of the Scheme may be lent to the Board repayable on demand at an agreed rate of interest, or may be invested as the Trustees shall think proper, and with the consent of the Board, in any investments for the time being authorised by law as investments for trust moneys, or in any other investments for the time being approved of, for the purpose of the Scheme, by the Minister for Finance.

(4) The Fund shall be administered in accordance with the irrevocable trusts declared by the Trust Deed made on the 2nd of April, 1946, as varied by this Scheme.

3. The existing Scheme shall be further amended by the addition of the following new article to be inserted after Article 4 of the, Schedule to said Order confirmed on the 31st day of October, 1957 namely:--

4A. Members Employed by Óstlanna Iompair Éireann

When a person to whom section 15 of the Transport Act, 1963 applies remains or becomes a member of this Scheme the following provisions shall apply from the date when such person enters the employment of Óstlanna Iompair Éireann:--

(a) In the application of the provisions of this Scheme to such a member of works "The Board" where they appear in Articles 8, 9, 10 and 11 of the Schedule to the Order confirmed on the 31^st day of October, 1957 and in Article 2 (1) of S.I. No. 57 of 1961 , shall be read to mean "Óstlanna Iompair Éireann".

(b) Article 4 (2) of the Schedule to the Order confirmed on the 31st day of October, 1957 shall not apply to any such member.

(c) Subject to the provisions of this Scheme in relation to promotion a member who ceases to be employed by Óstlanna Iompair Éireann on its Regular Wages Staff shall cease to be a Member of this Scheme unless his employment with Óstlanna Iompair Éireann has been terminated to enable him to return to the employment of the Board and upon such termination he forthwith returns to the employment of the Board in which event the provisions of this Article shall cease to apply to that member.

(d) In every year Óstlanna Iompair Éireann shall contribute to the Fund established for the purposes of this scheme such amount as the Board on the advice of the Actuary shall direct having regard to the liability of the Fund to members employed by Óstlanna Iompair Éireann.

GIVEN under my Official Seal, this 25th day of February, 1971.

BRIAN LENIHAN,

Minister for Transport and Power.

EXPLANATORY NOTE.

The purpose of the Order is to amend the existing superannuation scheme to give the Trustees wider powers of investment in respect of moneys belonging to the fund and to cover the position of staff transferred to the service of Óstlanna Iompair Éireann.