Great Southern Railways Company (Superannuation Scheme) Act , 1947

PART I. Preliminary and General.

1 Short Title.

1.—This Act may be cited as the Great Southern Railways Company (Superannuation Scheme) Act, 1947.

2 Definitions.

2.—In this Act—

the expression “the Company” means Córas Iompair Éireann;

the expression “the Corporation” means the Railway Clearing System Superannuation Fund Corporation;

the expression “the new Fund” means the Fund established by the new superannuation scheme;

the expression “the new superannuation scheme” means the scheme, a copy whereof is set out in the Schedule to this Act;

the expression “the old Fund” means the Fund of the Corporation;

the expression “the proposed British Bill” means a Bill, proposed to be promoted by the Corporation in the Parliament of the United Kingdom of Great Britain and Northern Ireland, providing (amongst other matters) for the transfer to the trustees of the new Fund of all the assets of the Corporation comprised in Section C and Section D of the old Fund, less the sum of £751 16s. 10d. (seven hundred and fifty-one pounds, sixteen shillings and ten pence), being an amount bearing the same proportion of the total expenses borne by the Corporation in connection with the re-organisation of the old Fund under the Railway Clearing System Superannuation Fund Act, 1941, as the membership (contributing and superannuated members) relating to the former Great Southern Railways Company bore to the total membership (contributing and superannuated members) of the old Fund as at the 30th day of June, 1941.

3 Reimbursement of Corporation's expenses of promoting the proposed British Bill.

3.—The Company shall pay to the Corporation a sum equal to the costs and expenses incurred by the Corporation in connection with the proposed British Bill, whether the said Bill is enacted or not.

4 Commencement of Part II.

4.—(1) Part II of this Act shall not come into operation unless and until the proposed British Bill has been enacted.

(2) If the proposed British Bill is enacted on or before the date of the passing of this Act, Part II of this Act shall come into operation on the day which is three months after the date of the passing of this Act.

(3) If the proposed British Bill is enacted after the date of the passing of this Act, Part II of this Act shall come into operation on the day which is three months after the date of the enactment of the proposed British Bill.

PART II. Confirmation of new Superannuation Scheme and Provisions in relation to Sections C and D of the old Fund.

5 The operative date.

5.—In this Part, the expression “the operative date” means the date on which this Part comes into operation.

6 Confirmation of the new superannuation scheme.

6.—(1) The new superannuation scheme is hereby confirmed and given the force of law.

(2) The new Fund shall be deemed to be set up under an irrevocable trust.

7 Expenses of transfer of assets of Sections C and D of the old Fund.

7.—The Company shall bear the expenses incidental to and in connection with the transfer to the trustees of the new Fund of the assets comprised in Section C and Section D of the old Fund.

8 Liability of Company to pay benefits to the extent to which the new Fund is insufficient.

8.—In the event of the new Fund being at any time insufficient to provide for the payment of any benefits immediately payable under the new superannuation scheme, the Company shall pay the said benefits to the extent to which the new Fund is insufficient to provide for the payment thereof.

9 Amendment of section 45 of the Transport Act, 1944.

9.—(1) In this section, the expression “the Act of 1944” means the Transport Act, 1944 (No. 21 of 1944).

(2) Section 45 of the Act of 1944 shall have effect as if the words “and includes the Railway Clearing System Superannuation Fund” did not occur in subsection (1) of that section.

(3) Subsection (8) of section 45 of the Act of 1944 is hereby repealed.

10 Provisions in relation to Sections C and D of the old Fund.

10.—(1) In this section—

the expression “the transferred members” means the persons who, immediately before the operative date, are contributing or superannuated members of Section C or Section D of the old Fund,

the expression “the existing liabilities of the Corporation” means any sum, being either—

(a) a sum which accrued due before the operative date on foot of any periodical payment payable under the Rules of the Corporation to or in respect of a transferred member and which has not been paid,

(b) any other sum which became due before the operative date under the Rules of the Corporation to or in respect of a transferred member and which has not been paid;

the expression “the contingent liabilities of the Corporation” means any sum which, but for this section, would under the Rules of the Corporation become due on or after the operative date to or in respect of a transferred member, and includes any liability under Rule 6 of the Supplemental Rules contained in the Second Schedule to the Rules made under the Railway Clearing System Superannuation Fund Acts, 1873 to 1914.

(2) On the operative date—

(a) every transferred member shall cease to be a member of Section C or Section D (as the case may be) of the old Fund,

(b) the existing liabilities of the Corporation and the contingent liabilites of the Corporation shall cease to be claims against the Corporation, and no claim shall be maintainable by any person against the Corporation or the trustees of the old Fund in respect thereof,

(c) the existing liabilities of the Corporation shall be and become charges on the new Fund and shall be paid thereout by the trustees of the new Fund.

(3) The Company shall pay to the Corporation a sum equal to any expenses incurred by the Corporation in relation to the administration of Section C or Section D of the old Fund and which have not been discharged out of Section C or Section D of the old Fund before the operative date.

SCHEDULE. The new Superannuation Scheme.

Name of scheme and situation of offices.

l.—The name of this scheme is the “Córas Iompair Éireann, Salaried Officers' and Clerks' (G.S.R.) Superannuation Scheme” and the offices of the scheme shall be in Dublin.

Definitions.

2.—(1) In this scheme the following expressions have the respective meanings assigned to them in this rule unless there is something inconsistent in the subject matter or the context:—

“the company” means Córas Iompair Éireann;

“the directors” means the directors for the time being of the company;

“the trustees” means the Transport Subsidiary Limited or other trustee or trustees for the time being of this scheme;

“the Minister” means the Minister for Industry and Commerce;

“the fund” means the fund established by this scheme;

“salaried officer or clerk” means either:

(a) an officer or servant (whether male or female) remunerated at a salary fixed at a rate per annum; or,

(b) a person in any of the supervisory grades; or

(c) a woman clerk in the service remunerated otherwise than at a salary fixed at a rate per annum;

“the supervisory grades” means those grades so described in the various agreements between the Great Southern Railways Company and sundry trade unions regarding rates of pay and/or conditions of service;

“the service” means the service of the company or of the Great Southern Railways Company in the capacity of salaried officer or clerk;

“the old fund” means the fund of the Railway Clearing System Superannuation Fund Corporation;

“contributing member” means a member other than a superannuated member either of the scheme or of section C or section D of the old fund;

“superannuated member” means a member either of the scheme or of section C or section D of the old fund, who has become entitled to receive benefits thereunder;

“the date of transfer” means the day on which sections C and D of the old fund are transferred to the trustees for the benefit of the fund;

“pre-1913 member” means a member who became a contributing member before the first day of July, 1913;

“19131941 member” means a member who became a contributing member after the thirtieth day of June, 1913, and before the 1st day of July, 1941;

“post 1941 member” means a member who became a contributing member on or after the first day of July, 1941;

“the committee” means the committee from time to time appointed under these rules;

“the contributors' committee-men” means the members of the committee from time to time appointed by the contributing members;

“the directors' committee-men” means the members of the committee from time to time appointed by the directors;

“the auditors” means the two auditors of the fund mentioned in Rule 50 of this scheme;

“the secretary” means the person for the time being holding the office of secretary of the committee;

“medical officer” means one of the medical officers of the company or a medical officer appointed by the committee;

“general meeting” means a general meeting of the contributing members duly called and constituted and any adjournment thereof;

“month” means calendar month.

(2) In this scheme save where the context otherwise requires:—

(a) words importing the singular number include the plural number;

(b) words importing the plural number include the singular number, and

(c) words importing the masculine gender include the feminine gender.

Purpose of the fund.

3.—The fund is established for the purpose of providing annuities and other benefits for:—

(a) persons who having been in the employment of the Great Southern Railways Company immediately before the 1st day of January, 1945, are in the service on the date of transfer or enter the service after that date, and

(b) persons who immediately before the date of transfer are superannuated members.

Expenses.

4.—The trustees shall make provision for payment out of the fund of all costs charges and expenses properly incurred in administering the fund, the payment and discharge of which is not otherwise provided for by this scheme.

The Trustees.

5.—(1) The first trustee of this scheme shall be Transport Subsidiary Limited.

(2) The power of appointing a new trustee or trustees of the fund is vested in the company after consultation with the committee and subject to the approval of the Minister.

(3) The power of removing a trustee from office as trustee of this scheme is vested in the company after consultation with the committee and with the consent of the Minister.

(4) If at any time there is no trustee of the fund the company may act as trustee of the fund pending the appointment of a new trustee or trustees,

(5) If at any time the company with such consent as aforesaid appoints individuals to be trustees in place of Transport Subsidiary Limited or in place of any corporation who may be trustee of this scheme, the number of trustees so appointed shall not exceed five and, if at any time, their number is reduced below three the company with such consent as aforesaid shall forthwith appoint one or more new trustees to bring the number of the trustees to three at the least.

Constitution of the fund.

6.—(1) The fund shall be set up on the date of transfer.

(2) The fund shall consist of:—

(a) such moneys assets and investments as shall be transferred from the old fund;

(b) the contributions of the contributing members;

(c) the contributions of the company;

(d) any interest received from the investment of moneys in the hands of the trustees belonging to the fund, and

(e) any other sums which may be paid to the trustees or the committee from time to time for the purposes of this scheme.

Investment of the fund.

7.—(1) The fund shall be vested in the trustees and the trustees shall keep proper accounts of the fund which shall be audited as hereinafter provided.

(2) Any moneys in the hands of the trustees belonging to the fund and not required for the immediate purposes of this scheme, shall as soon as practicable be invested in the name, or under the control of the trustees in such securities as the company shall, after consultation with the committee think proper or may be lent to the company repayable on demand at an agreed rate of interest,

Administration of this scheme.

8.—This scheme shall be administered by the committee.

Payments and receipts.

9.—(1) The trustees shall stand possessed of the fund, upon trust, out of the income thereof, and as far as may be necessary out of the capital to make provision (as mentioned in the next paragraph of this rule) for the benefits payable under this scheme.

(2) The trustees shall make provision for the payment of all benefits under the scheme by lodging from time to time in a separate current account to be kept in a bank by the accountant of the company for that purpose such sums as according to certified details to be furnished by the committee to the trustees, the trustees shall consider necessary to enable payment to be made from time to time of all moneys properly payable out of the fund. The trustees shall ensure that any unexpended balance on this current account from time to time is duly accounted for to them.

(3) All payments due to superannuated members and others out of the fund shall be made out of the moneys lodged to the credit of the separate account as aforesaid, by cheques drawn on the said account and not otherwise, All cheques drawn on the said account- shall be prepared by the said accountant and signed by him and by the secretary of the company or their deputies. The committee shall supply the necessary lists, accounts and vouchers to enable the accountant to prepare the cheques and each such list, account and voucher shall be signed by one directors' committeeman and by one contributors' committeeman and by the secretary to the committee, The committee shall cause proper records and accounts to be kept of all such payments. The trustees shall so far as is reasonably possible satisfy themselves that such records and accounts are accurately kept.

Membership.

10.—(1) On the date of transfer all persons who are superannuated members shall become and be superannuated members of this scheme and all persons who are contributing members shall become and be contributing members of this scheme.

(2) A person who becomes a member of this scheme by virtue of paragraph (1) of this rule shall not be entitled to receive either from the fund or from the old fund a return of his contributions or of interest on his contributions under the provisions of Rule 6 of the Supplemental Rules of the old fund by reason of the cesser of payments to the old fund by the company or the Great Southern Railways Company or by reason of his having ceased to be a member of the old fund; and every provision of this scheme under which a person is or may be entitled to the same benefits as those to which he would have been entitled from the old fund shall be construed as subject to the provisions of this paragraph.

(3) A woman who is permanently employed at the date of transfer by the company and who was employed immediately before the 1st day of January, 1945, by the Great Southern Railways Company as a salaried officer or clerk, and who was not more than 50 years of age on the 1st day of July, 1941, may become a contributing member as from the date of transfer if she sends to the secretary not later than six months after the date of transfer notice in writing of her intention to become a member, together with such medical certificates and other evidence as satisfies the committee that she is of good health and free from infirmity of mind or body.

(4) Any person who was in the employment of the Great Southern Railways Company immediately before the 1st day of January, 1945, and thereafter enters the service and who would have been entitled to become a member of the old fund if the Great Southern Railways Company had not been dissolved may (subject to his complying with any procedure and satisfying any condition which he would have been required to comply with or satisfy before becoming a member of the old fund) become a contributing member of this scheme.

(5) The following modifications shall be made in this scheme in its application to a woman member, that is to say:—

(a) the expression “fifty-five years” shall be substituted for “sixty years” wherever it occurs;

(b) for each of the tables contained respectively in Rules 14 and 16, there shall be substituted the table set forth in Rule 25;

(c) for the person described in sub-paragraph (a) of Rule 23 there shall be substituted one dependent relative, who (if younger) is not more than ten years younger than the member; and

(d) each of the ages mentioned in sub-paragraph (f) of Rule 23 shall be reduced by five years.

(6) A contributing member shall cease to be a contributing member, if

(a) he becomes a superannuated member, or

(b) he leaves the service of the company without becoming a superannuated member under the rules.

(7) A woman salaried officer or clerk may, if she so desires, and subject as is hereinafter provided have her membership ante-dated to any date not earlier than the date of her entering the service or the first day of January, 1923, whichever is the later on condition that she pays to the fund:—

(a) back contributions on the same basis as if she had been a male contributing member from the date to which her membership is ante-dated until the date of her admission, and

(b) compound interest at four per centum per annum upon such back contribution from the date at which it would have been payable;

provided however that if her age at the 1st day of July, 1941, exceeded forty-five years, her membership must be ante-dated to a day preceding the date of her attaining the age of forty-five years and back contributions and interest paid to the fund, as provided in subparagraph (a) and sub-paragraph (b) of this paragraph.

(8) Every member of this scheme shall be bound by the rules.

Contributions.

11.—(1) Every contributing member (whether or not, in the case of a contributing member who immediately before the 1st day of July, 1941, was in the service, he exercises the option reserved to such members by paragraph (1) of Rule 15 to decline the benefits provided for in Rule 14) shall contribute a sum equal to such percentage of his salary as is provided for in the following scales, and in the case of a person who was a contributing member immediately before the day of transfer shall pay to the fund any amount by which his contributions in respect of his salary since the 1st day of July, 1941, have been less than they would have been if calculated in accordance with whichever of the said scales applies to him:—

(a) for each pre-1913 member:—