asked the Minister for Energy if he will summarise the principal changes in the Bord na Móna superannuation scheme laid before Dáil Éireann in November, 1980.
Written Answers. - Bord Na Móna Superannuation Scheme.
347.
The principal change in the Turf Development Act, 1953 (Regular Works employees) Superannuation Scheme, 1963 as a result of the Turf Development Act, 1953 (Regular Works Employees) Superannuation (Amendment) (No. 4) Scheme, 1980 laid before the Houses of the Oireachtas in November this year is that members are now permitted at their own expense to pay voluntary additional contributions to the superannuation fund in order to secure increased benefits.
A summary of the main provisions of the amending scheme is as follows:
an employee can now purchase increased benefits under the superannuation scheme by making additional voluntary contributions.
the payment of the voluntary additional contributions are subject to the following:
(1) that a member's total annual contribution does not exceed 15 per cent of his contribution wages, and
(2) that the benefits payable do not exceed the maxima of the existing benefits under the scheme.
in the event of a member retiring or dying before he has completed the payment of voluntary contributions the benefits in his case shall be determined by the actuary.
voluntary additional contributions are to be payable as long as a member's normal contributions under existing regulations remain payable except where the superannuation committee accept a reduced voluntary contribution or allow such contributions to cease on hardship grounds or where they contravene existing regulations.