Written Answers. - Draft Scheme.
Bord na Móna in exercise of the powers conferred on it by Section 6 of the Turf Development Act, 1953 (No. 19 of 1953) hereby make the following scheme.
1. (1) This scheme may be cited as the Turf Development Act 1953 (Regular Works Employees) Superannuation (Amendment) (No. 3) Scheme 1972.
(2) The Turf Development Act 1953 (Regular Works Employees) Superannuation Scheme 1963 is hereby amended as follows:—
Definitions
2. Definition 23 shall be deleted and substituted by the following:—
(23) "Contribution wages" shall mean the weekly equivalent of the member's own basic wage rate including service pay increased by sixteen per cent or at the option of an existing member, the weekly equivalent of his own basic wage rate plus service pay only, provided that a member who opts for the lower rate will not be allowed to contribute in future on the basis of any rate including service pay as increased by 16 per cent but provided also that if the member in either case is placed on a reduced rate the former will have the option of continuing to contribute on the relinquished rate including service pay increased by 16 per cent and the latter will have the option of continuing to contribute on the relinquished rate plus service pay only, and this latter option shall be irrevocable in both cases.
Definition 39(a) shall be deleted and substituted by the following:— 39(a) "Retiring wage" will be taken as the yearly equivalent of the member's basic wage rate including service pay increased by 16 per cent at date of retirement or death or in the case of an existing member who has opted to pay contributions on his basic wage rate plus service pay, the yearly equivalent of his basic wage plus service pay at date of death or retirement.
1.Superannuation Fund
Regulation 5 shall be deleted and the following regulation substituted:—
"All contributions shall be paid to the Trustees. The Trustees shall open a bank account in the bank approved by the Board and all moneys received by the Trustees shall be paid into the said account. The moneys standing to the credit of the Trustees in the bank shall from time to time as occasion requires be invested by the Trustees in the joint names of the Trustees save that any investment in stocks or shares may be vested in the name of the nominee company of the Allied Irish Investment Bank Limited, that is Allied Irish Holdings Limited, for the Trustees and all property (save such stocks and shares as aforesaid) for the time being representing the fund shall be vested in the Trustees jointly."
2.Membership
Regulation 18 shall be amended by adding the following paragraph:—
(4) Notwithstanding the terms of paragraph (1) (c) of this Regulation a person in the service of the Board on the 31st August, 1972 who is over 55 years of age can be designated by the Board and shall be eligible for admission to membership of the scheme if his prior service, as defined under the Regulations, and his potential service up to age 65 when added together make up a total of at least 10 years service.
3.Absence from the Employment
Regulation 21 shall be amended by deleting the words "customary leave of absence with pay" and substituting the words "customary or approved absences".
4.Contributions
Regulation 22 shall be amended by deleting Regulations 22 (1) (a), (b), (c) and (4) and substituting the following:—
1. Contributions to the Fund shall be as follows:—
(a) A contribution in respect of pension under this Scheme of 4.4 per cent of the sum found by deducting from contribution wages and amount equal to twice the weekly equivalent of the Old Age (Contributory) Pension payable from time to time in respect of a single man together with
(b) A contribution of .85 per cent of contribution wages in respect of gratuity.
(c) The contributions of members shall be deducted at source by the Board from the remuneration of the members and the amount so deducted shall be paid forthwith into the Fund.
Existing Regulations 22 (5), (6), (7) and (8) shall be renumbered 22 (4), (5), (6) and (7).
5.Return of Contributions
Regulations 34 (1) (a) and 34 (1) (d) shall be amended by substituting the figure `10' for the figure `20'.
Regulation 34 (2) shall be amended by adding the following sentence:—
Provided that where a member's employment has been terminated by the Board he shall have the right to refund to the Fund the contributions already paid by him together with a sum in respect of interest as determined by the Actuary and he will thereby obtain credit for all past pensionable service. The operative date of this Amending Scheme shall be the 31st day of August, 1972.