STATUTORY INSTRUMENTS.

S.I. No. 209 of 2004 .

CÓRAS IOMPAIR ÉIREANN PENSION SCHEME FOR REGULAR WAGES STAFF (AMENDMENT) SCHEME (CONFIRMATION) ORDER 2004.

S.I. No. 209 of 2004 .

CÓRAS IOMPAIR ÉIREANN PENSION SCHEME FOR REGULAR WAGES STAFF (AMENDMENT) SCHEME (CONFIRMATION) ORDER 2004.

I, SÉAMUS BRENNAN, Minister for Transport, in exercise of the powers conferred on me by section 44(4) of the Transport Act 1950 (No. 12 of 1950) and Article 4 of Córas Iompair Éireann (Additional Powers) Order 1988 ( S.I. No. 381 of 1988 ), and the Communications (Transfer of Departmental Administration and Ministerial Functions) (No. 2) Order 1987 ( S.I. No. 92 of 1987 ) (as adapted by the Public Enterprise (Alteration of Name of Department and Title of Minister) Order 2002 ( S.I. No. 305 of 2002 )), after consultation with the Minister for Finance, hereby order as follows:

1. This Order may be cited as the Córas Iompair Éireann Pension Scheme for Regular Wages Staff (Amendment) Scheme (Confirmation) Order 2004.

2. In this Order, “amending scheme” means the scheme amending the Córas Iompair Éireann Pension Scheme for Regular Wages Staff (confirmed by the Córas Iompair Éireann Superannuation Scheme for Regular Wages Staff (Confirmation) Order 1945 (Statutory Rules and Orders No. 242 of 1945)), prepared by Córas Iompair Éireann and submitted to the Minister for Transport under section 44(5) of the Transport Act 1950 (No. 12 of 1950), and set out in the Schedule to this Order.

3. The amending scheme is confirmed.

4. (1) Article 2 of the amending scheme is deemed to have come into operation on 4 June 2003.

(2) Article 4 of the amending scheme is deemed to have come into operation on 1 June 2002.

SCHEDULE

CÓRAS IOMPAIR ÉIREANN PENSION SCHEME FOR REGULAR WAGES STAFF (AMENDMENT) SCHEME 2004.

1.   Interpretation

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

“1996 Amending Scheme” means the amending scheme confirmed by Statutory Instrument No. 115 of 1996 entitled Córas Iompair Éireann Pension Scheme for Regular Wages Staff (Amendment) Scheme (Confirmation) Order 1996;

“Scheme” means the Córas Iompair Éireann Pension Scheme for Regular Wages Staff confirmed by S.R. & O. No. 242 of 1945 and subsequently amended by the 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, 288 of 1977, 74 of 1980, 181 of 1982, 132 of 1985, 288 of 1985, 319 of 1985, 55 of 1987, 117 of 1988, 258 of 1988, 31 of 1989, 233 of 1991, 120 of 1992, 420 of 1992, 115 of 1996, 428 of 2000, 93 of 2001 and 123 of 2002.

2.   Article 9(4) of Statutory Instrument No. 226 of 1957 (subsequently renumbered as Article 9(5) by Statutory Instrument No. 288 of 1985 and inserted by Statutory Instrument No. 117 of 1988) shall be deleted in its entirety and the following Article substituted therefor:

“(5) Upon the death, within 5 years after the date from the date of his/her retirement, of a pensioner receiving or entitled to receive a reduced pension there shall be paid to his/her 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, provided that a lump sum shall not be payable under this sub-article 9(5) if the pensioner was a member of the Córas Iompair Éireann Spouses’ and Children's Superannuation Scheme for Regular Wages Staff (as promulgated by Statutory Instrument No. 230 of 2003) and at the date of his/her death was survived by a spouse or child or children within the meaning of the aforementioned scheme.”

3.   The following sub-article shall be inserted after Article 9(4) of Statutory Instrument No. 226 of 1957 (subsequently renumbered as Article 9(5) by Statutory Instrument No. 288 of 1985 and inserted by Statutory Instrument No. 117 of 1988) and Article 9(6) of Statutory Instrument No. 226 of 1957 (as inserted by Article 9(2) of Statutory Instrument No. 117 of 1998) shall be renumbered as Article 9(7):

“(6) On the death of a member who has not attained age 55 years and who is entitled to a reduced pension under sub-article 9(3) there shall be paid to his/her personal representative out of the fund upon his/her application such amount as the trustees on the advice of the actuary determine to be equal at the date of death to the value of such reduced pension.”

4.   Article 10 of Statutory Instrument No. 115 of 1996 shall be deleted in its entirety and the following Article substituted therefor:

“Leaving Service

10. (1) Any member of this scheme who ceases to be employed by the Board on or after 2 June 2002 (otherwise than in accordance with Article 10 of Statutory Instrument No. 226 of 1957 or due to his/her death in service) after having completed two years’ qualifying service after 1 January 1991 without being entitled to a pension under any other Rule or Article governing this scheme shall be entitled to the benefits described in paragraph (a) below provided that if s/he has previously received a reduced pension, the benefits otherwise payable under this sub-article shall be reduced by such amount as the actuary shall recommend.

(a) A vested benefit equal to the fraction which has accrued at the date s/he ceases to be employed of the pension and retirement gratuity to which s/he would be entitled upon retirement at the age of 60, the accrued fraction to be calculated in accordance with the second schedule to the Pensions Act upon a basis approved by the actuary and subject to the requirements of section 35A of the Pensions Act.

(2) A vested benefit shall come into payment on the former Member's 60th birthday subject to application by the former member. Upon the death, within five years after his/her 60th birthday, of a former Member receiving or entitled to receive a vested benefit, there shall be paid to his/her personal representative in discharge of all further obligations under the fund a lump sum equal to the weekly amount of the pension comprised within his/her vested benefit multiplied by 260, less the total of payments in respect of the pension then already made.

(3) Wherever there is a period of at least one year between:

(a)  the date a member leaves the service of the Board, and

(b)  the earlier of that member's 60th birthday and the date of his/her death,

then a vested benefit to which the member becomes entitled under sub-Article (1) shall be increased at the end of each revaluation year by the amount of the revaluation percentage.

No revaluation shall be made under this sub-Article after the earlier of:

(i)   the date when payment of the pension begins, or

(ii)  the date of the member's death.

Reference in this Article to the amount of a benefit at any date after the member's date of leaving service is a reference to the benefit as increased to that date unless expressly stated otherwise.

(4) At any time before payment of a vested benefit begins, the member entitled thereto may, subject to the requirements of the Pensions Act, request that a transfer payment be made out of the fund to:

(A)   the fund of any other retirement benefits scheme which is treated as an exempt approved scheme for the purposes of Chapter I of Part 30 of the Taxes Consolidation Act 1997 (No. 39 of 1997), or

(B)   to an insurance policy or contract of insurance approved for the purposes of Chapter II of Part I of the Finance Act 1972 (a “retirement arrangement”), or

(C)   a personal retirement savings account within the meaning of section 91 of the Pensions Act, subject to the section 772 (3D) of the Taxes Consolidation Act 1997 and the requirements of the Pensions Act, or

(D)   to the trustees, custodians, managers or administrators of any arrangement for the provision of retirement benefits established outside the Republic of Ireland, in accordance with section 34(3)(e) of the Pensions Act, or

(E)   any other arrangement for the provision of retirement benefits prescribed under the Pensions Act and approved by the Revenue Commissioners for the purposes of the Taxes Consolidation Act 1997

or the trustees may, subject to the requirements of the Pensions Act, determine to effect such a transfer. As soon as practicable after the request or determination, an amount which the trustees on the advice of the actuary determine to be equivalent to the benefit shall be transferred to that retirement arrangement, and the trustees or life office operating that retirement arrangement shall be given all information needed to administer the amount transferred, and the benefits thereby secured, in accordance with the requirements of the Pensions Act and of the Revenue Commissioners under the Taxes Consolidation Act 1997 . Following the transfer the member concerned shall have no further entitlement under this scheme.

(5) On the death of a former member entitled to a vested benefit before payment begins and before any transfer payment has been made under paragraph (4) of this Article there shall be paid to his/her personal representative out of the fund upon his/her application such amount as the trustees on the advice of the actuary determine to be equal at the date of death to the value of the benefit granted to the former member.”

EXPLANATORY NOTE.

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

The purpose of this Order is to confirm the vested benefits applicable to members of the Regular Wages Staff Pension Scheme.