Central Bank Act 1942

F234 [ PART IIIB.

Provisions Applicable to the Bank and its Constituent Parts ]

Annotations:

Amendments:

F234

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

Annotations:

Amendments:

F234

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F235

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 59, S.I. No. 469 of 2010.

F236

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 60, S.I. No. 469 of 2010.

F237

Inserted (1.01.2011) by Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 (24/2010), s. 99(2) and sch., pt. 2, item 10, S.I. No. 648 of 2010.

Editorial Notes:

E132

Previous affecting provision: sanctions imposed under Part may be notified (14.01.2005) in accordance with European Communities (Insurance Mediation) Regulations 2005 (S.I. No. 13 of 2005), reg. 27; revoked (1.10.2018) by European Union (Insurance Distribution) Regulations 2018 (S.I. No. 229 of 2018), reg. 60(1)(a), in effect as per reg. 1(2). However, reg. 60(2) provides that references to the 2005 Regulations have effect as references to the corresponding provision of the 2018 Regulations.

F234 [ Superannuation schemes for the benefit of officers and employees of Bank and its constituent parts.

33AG

33AG. (1) This section applies to and in respect of the following persons:

( a ) the Governor and former Governors;

F235 [ ( b ) former Directors;

( ba ) appointed members and former appointed members of the Commission;

( bb ) ex-officio members of the Commission and former ex-officio members of the Commission;

( c ) former members of the Regulatory Authority;

( ca ) officers and former officers of the Bank; ]

( d ) employees and former employees of the Bank.

(2) The Bank may establish and operate one or more superannuation schemes under which superannuation benefits are payable on the retirement or death of persons to whom this section applies. However, such a scheme does not take effect until it has been approved by the Minister.

(3) A superannuation scheme established under this section is to be embodied in rules made by the Bank. Those rules must provide for the operation of the scheme and, in particular, for

( a ) the making of contributions (including contributions by the Bank) towards the superannuation benefits to be paid under the scheme, and

( b ) the payment of those benefits to or in respect of persons to whom this section applies.

(4) As soon as practicable after establishing a superannuation scheme or superannuation schemes under this section, the Bank shall establish a trust fund for holding contributions made to the scheme or to each of those schemes and for the payment of superannuation benefits under the scheme or schemes. However, if the Bank establishes two or more such superannuation schemes, a single trust fund may be established in respect of all or a group of those schemes.

(5) As soon as practicable after establishing a trust fund under this section, the Bank shall appoint two or more trustees to hold and operate the trust fund.

(6) The trustees of the trust fund relating to a superannuation scheme established under this section shall, from that fund, pay to or in respect of persons to whom this section applies on their retirement or death the appropriate superannuation benefits under the scheme.

(7) The Bank shall arrange for all rules made under this section to be laid before each House of the Oireachtas as soon as practicable after they are made. If either House, within the 21 days on which it has sat after the rules are laid before it, passes a resolution annulling the rules, the rules are accordingly annulled, but without affecting the validity of anything previously done under them.

(8) In this section

retirement , in relation to a person referred to in F236 [ paragraph ( a ), ( b ), ( ba ) or ( c ) of subsection (1), ] includes not being re-appointed after the end of the person s term of office;

superannuation benefit means a superannuation benefit payable to or in respect of a person to whom this section applies or, where such a person has died, to the spouse F237 [ or civil partner within the meaning of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 ] or a child of that person, and includes a pension, a retirement allowance and a gratuity. ]

Annotations:

Amendments:

F234

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F235

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 59, S.I. No. 469 of 2010.

F236

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 60, S.I. No. 469 of 2010.

F237

Inserted (1.01.2011) by Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 (24/2010), s. 99(2) and sch., pt. 2, item 10, S.I. No. 648 of 2010.

Editorial Notes:

E133

Power pursuant to section exercised (1.10.2008) by Central Bank and Financial Services Authority of Ireland Superannuation Scheme 2008 (S.I. No. 99 of 2008).