Córas Iompair Éireann Superannuation Scheme, 1951 (Amendment) Scheme (Confirmation) Order, 1986.

S.I. No. 339/1986 - Córas Iompair Éireann Superannuation Scheme, 1951 (Amendment) Scheme (Confirmation) Order, 1986. I, JIM MITCHELL, Minister for Communications, in exercise of the powers conferred on me by section 44 of the Transport Act, 1950 (No. 12 of 1950), and the Ministers and Secretaries (Amendment) Act, 1983 (No. 40 of 1983), hereby, after consultation with the Minister for the Public Service, order as follows: 1. This Order may be cited as the Córas Iompair Éireann Superannuation Scheme, 1951 (Amendment) Scheme (Confirmation) Order, 1986. 2. In this Order "the amending Scheme" means the scheme amending the Córas Iompair Éireann Superannuation scheme, 1951, prepared by Córas Iompair Éireann and submitted to the Minister for Communications under section 44 of the Transport Act, 1950 (No. 12 of 1950), and set out in the Schedule to this Order. 3. The amending Scheme is hereby confirmed and shall be deemed to have come into operation on the 1st day of April, 1985. CÓRAS IOMPAIR ÉIREANN SUPERANNUATION SCHEME, 1951 (AMENDMENT) SCHEME, 1986. 1. In this amending Scheme the following words and expressions shall have the meanings hereby assigned to them unless there is something inconsistent in the context or the subject matter repugnant to such construction:— "The existing Scheme" means the C.I.E. Superannuation Scheme, 1951 set out in the Schedule to the Córas Iompair Éireann Superannuation Scheme, 1951 (Confirmation) Order, 1951 ( S.I. No. 353 of 1951 "This Scheme" means the existing Scheme as hereby amended. 2. In this amending Scheme, unless otherwise expressly stated, words and expressions used shall have the meanings assigned to them by the existing Scheme. Amendment of the Existing Scheme: 3. The existing Scheme shall be amended with effect from the 1st day of April, 1985 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. Return of Contributions: 4. In Clause (1) of Rule 24 of the existing Scheme delete the words "shall be entitled to a refund of his contributions to the Fund" and substitute therefor "shall, unless his service with the Board is to be reckoned as pensionable service in the Civil Service or with an approved organisation under the Superannuation and Pensions Act, 1963 , be entitled to a refund of his contributions to the Fund including any contributions paid by him under Clause (8) or (9) of Rule 29A". 5. At the end of Clause (4) of Rule 24 of the existing Scheme after the words "under this rule" add "and all refunds shall be subject to the deduction of income tax thereon at the appropriate rate". Notional Pensionable Membership: 6. The following new Rule shall be added to the existing Scheme to follow Rule 29, namely Notional Pensionable Membership: (1) Any member who is in the service of the Board on or after 1st April, 1985 may, upon application in writing to the Committee, purchase notional years of pensionable membership provided that: ) by the time he attains the age of 60 years, or 55 years in the case of a particular female member, he would have at least nine years of actual pensionable membership, ) he is not suspended from duty (with or without pay) or likely in the opinion of the Committee to retire on pension before the minimum retiring age, ) he is not excluded by virtue of having received, or having an entitlement to, retained benefits from a previous pension scheme, including pensions, commutation payments, lump sums, gratuities, and refunds of superannuation contributions but disregarding (i) a refund of contributions of less than £2,000 or a refund which was paid before age 45, and (ii) a pension of not more than £52 a year or a lump sum payment of less than £200. (2) Notional pensionable membership may be purchased by periodical deductions from salary up to age 60, or up to age 55 in the case of a particular female member, or by a lump sum payment. (3) A member to whom this Rule applies may elect at any time during his pensionable membership and before he reaches 58 years of age or 53 years of age in the case of a particular female member to buy notional pensionable membership by periodical deductions from salary. This option, once exercised, may not be revoked unless the member gives notice of revocation in writing to the Committee before the periodical contributions commence. A member may notify the Committee at any time that he wishes to cease paying contributions under this Rule and as from the member's birthday next following receipt by the Committee of such notice in writing no further contributions will be payable but the member shall not be entitled to a refund of any contributions already paid. (4) The option to purchase notional pensionable membership by the payment of a lump sum may only be exercised before the 1st of April, 1987 in the case of a member in the service of the Board on the 1st of April, 1985 and in every other case may only be exercised within the period of two years from the commencement of pensionable membership. Payment of the lump sum must be made within two months of election and once payment has been made the election may not be revoked. (5) Notional pensionable membership for which contributions have been paid will be taken into account in calculating all superannuation benefits provided the member has the required minimum pensionable membership (excluding notional pensionable membership) to qualify for the benefit in question. Where a member opts to purchase by way of lump sum contribution and dies or leaves the service of the Board before the minimum retiring age, his pensionable membership will be increased by the full amount of pensionable service paid for. Where a member opts to purchase by periodical deductions from salary, his pensionable membership will be increased by where A is the period of notional pensionable membership which he opted to buy, B is the period (expressed to the nearest day) over which he has paid periodical contributions and C is the total period over which he would have paid periodical contributions for notional service if he had stayed in the service of the Board until the minimum retiring age. (6) A member who is also a member of the C.I.E. Spouses' and Children's Pension Scheme may elect to purchase notional pensionable membership only if he also elects at the same time to purchase in like manner in all respects notional pensionable membership under the corresponding rule of the C. I. E. Spouses' and Children's Pension Scheme. (7) The maximum amount of notional pensionable membership which may be purchased is as follows:— (1) (2) Actual pensionable membership (including transferred service but excluding notional pensionable membership) which the officer would have if he remains in service until minimum retiring age. Maximum notional pensionable membership which can be purchased. 20 years or more Difference between 40 years and actual pensionable membership by minimum retiring age. 19 years 17 years 18 years 15 years 17 years 13 years 16 years 11 years 15 years 9 years 14 years 7 years 13 years 5 years 12 years 4 years 11 years 3 years 10 years 2 years 9 years 1 year For a member who is entitled to retained benefits under another occupational pension scheme, the maximum number of years of notional pensionable membership which may be bought will normally be the lesser of— (1) the maximum specified in Column 2 above; and (2) 40 — (A + B) where A is the total actual reckonable pensionable membership which he would have if he serves to the minimum retiring age, and B is the length of his pensionable membership in the previous scheme. (8) The contributions to be paid by a member who elects to purchase notional pensionable membership by periodical deductions from salary shall be a percentage of the salary of the member payable between the date of the member's birthday next following the day when he so elects and the date on which he attains 60 years of age or 55 years of age in the case of a particular female member. ) The percentage of salary shall be calculated with reference to the age of the member other than a particular female member of the formula where A stands for the age which the particular female member will be on her birthday next following the day on which she elects to purchase notional pensionable membership and B stands for the number of years notional pensionable membership to be purchased. ) The percentage of salary shall be calculated with reference to the age of a particular female member on the formula where A stands for the age which the particular female member will be on her birthday next following the day on which she elects to purchase notional pensionable membership and B stands for the number of years notional pensionable membership to be purchased. The formulae contained in paragraphs (a) and (b) of this Clause depend on current investment conditions and the age pattern of those opting to purchase, and may be altered at any time at the discretion of the Actuary. (9) ( ) A member other than a particular female member who elects to purchase notional pensionable membership by a lump sum payment shall pay the percentage of his salary indicated by reference to his age on his birthday next following the date of election for each year of notional pensionable membership to be purchased:— Age next birthday at exercise of option Contribution as percentage of salary 20 to 60 inclusive 14 61 13.8 62 13.6 63 13.4 64 13.2 65 13.0 ) A particular female member who elects to purchase notional pensionable membership by a lump sum payment shall pay the percentage of her salary indicated by reference to her age on her birthday next following the date of election for each year of notional pensionable membership to be purchased: Age next birthday at exercise of option Contribution as percentage of salary 20 to 55 inclusive 15.5 56 15.2 57 14.9 58 14.6 59 14.3 60 14.0 The tables contained in paragraphs ( ) and ( ) of this Clause depend on current investment conditions and the age pattern of those opting to purchase, and may be altered at any time at the discretion of the Actuary. (10) In reckoning a member's actual pensionable membership for the purpose of ascertaining the maximum notional pensionable membership that may be purchased regard shall be had only to completed years of membership and only completed years of notional pensionable membership may be purchased.". GIVEN under my Official Seal, this 22nd day of October, 1986. JIM MITCHELL, Minister for Communications. EXPLANATORY NOTE. The purpose of the scheme is to provide for the purchase of notional pensionable membership by members in order to maximise their superannuation benefits on retirement.