Great Northern Railway Company (Ireland) Pension Fund For Wages Staff (Amendment) Scheme (Confirmation) Order, 1965.

 
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S.I. No. 50 of 1965.

GREAT NORTHERN RAILWAY COMPANY (IRELAND) PENSION FUND FOR WAGES STAFF (AMENDMENT) SCHEME (CONFIRMATION) ORDER, 1965.

WHEREAS by subsection (4) of section 15 of the Great Northern Railway Act, 1958 (No. 20 of 1958), the Great Northern Railway Company (Ireland) Pension Fund for Wages Staff was continued in being:

AND WHEREAS Córas Iompair Éireann has, in pursuanc eof subsection (10) of section 15 of the ( Great Northern Railway Act, 1958 , and the Transport, Fuel and Power (Transfer of Departmental Administration and Ministerial Functions) Order, 1959 ( S.I. 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 provision of the said Great Northern Railway Company (Ireland) Pension Fund for Wages Staff:

AND WHEREAS the Minister for Transport and Power has thought it proper to modify the amending scheme in certain respects:

AND WHEREAS the Minister for Transport and Power, having considered objections and representations in relation to the amending scheme, proposes to confirm the amending scheme as so modified:

NOW, I, ERSKINE H. CHILDERS, Minister for Transport and Power, in exercise of the powers conferred on me by subsection (10) of section 15 of the Great Northern Railway Act, 1958 (No. 20 of 1958) and the Transport, Fuel and Power (Transfer of Departmental Administration and Ministerial Functions) Order, 1959 ( S.I. No. 125 of 1959 ), 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, 1965.

2. In this Order "the amending scheme" means the scheme (amending the provisions of the Great Northern Railway Company (Ireland) Pension Fund for Wages Staff) submitted by Córas Iompair Éireann under subsection (10) of section 15 of the Great Northern Railway Act, 1958 , 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 22nd day of March, 1965.

SCHEDULE.

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

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 Northern Railway Company (Ireland) Pension Fund for Wages Staff as amended by the Great Northern Railway Company (Ireland) Pension Fund (Amendment) Scheme for Wages Staff (Confirmation) Order, 1962 ( S.I. No. 53 of 1962 ).

"This Scheme" means the existing Scheme as hereby amended.

"Operative date" means the date prescribed by the Order confirming this amending Scheme as the date upon which this amending Scheme is to come into operation.

"Existing member" means a contributing member of the existing Scheme at the operative date.

"Existing pensioner" means a person alive at the operative date who on that date is receiving or is entitled to receive a full or reduced pension under the existing Scheme.

"Total payments" means the minimum total of payments of pension or the maximum total of payments of pension respectively provided for by Articles 7(3) and 9(4) of the Schedule to S.I. No. 53 of 1962 >, or the total payments appearing, in column 5 of Table A in Article 4(1) herein, as the case may be.

2. Continuance of Existing Scheme:

(1) The benefits provided by the existing Scheme shall continue to be paid or be payable under and in accordance with the terms thereof and without alteration to every existing pensioner whose right to pension accrued prior to the 1st April, 1963, and the personal representative of any deceased pensioner if the deceased's right to pension accrued prior to the 1st day of April, 1963.

(2) (a) Nothing in this amending Scheme shall affect the rights of any of the persons mentioned in the preceding sub-article, nor shall this amending Scheme (save in so far as it makes retrospective provision for payment of increased contributions and pensions) affect any subsisting right or liability accrued to or incurred by any person under the existing Scheme prior to the operative date.

(b) Deferred and special pensions now payable or at any time to become become payable shall not be affected by this amending Scheme.

3. Amendment of Existing Scheme:

(1) Subject to the provisions of Article 2 of this amending Scheme, the existing Scheme shall be amended so as to conform to the provisions hereinafter contained, and every provision of the existing Scheme which is inconsistent with the provisions hereinafter contained shall cease to have effect.

(2) The increased contributions and benefits provided for by this amending Scheme are, where applicable, in substitution for the corresponding contributions and benefits provided for by the existing Scheme.

4. Full Pension:

(1) The full pensions (including alternative full pensions) and the total payments set out in Table A hereunder shall, where applicable, be substituted for the like pensions and total payments payable under the existing Scheme.

TABLE A

Basic Weekly Wage

Weekly Pension

Total Payments

For Life

Alternative Rate

For 5 years age 65 to 70

Thereafter for Life

1.

2.

3.

4.

5.

£

s.

d.

£

s.

d.

£

s.

d.

£

£9. 15. 0 and under ..

2

10

0

2

18

6

2

3

6

650

Exceeding £9. 15s. 0. but and not exceeding £10. 15. 0 ... ..

3

0

0

3

8

6

2

13

6

780

Exceeding £10. 15. 0. but not exceeding £11. 15. 0... ..

3

10

0

3

18

6

3

3

6

910

Exceeding £11. 15. 0.

4

0

0

4

8

6

3

13

6

1,040

(2) To ascertain the full pension or total payments proper to a retiring member reference shall be had to his basic weekly wage as indicated be column 1 of the table, and for this purpose "Basic weekly...

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