National Oil Reserves Agency Act 2007

22.

Superannuation.

22.— (1) The Agency shall prepare and submit to the Minister a scheme, or more than one scheme, for granting superannuation benefits to or in respect of such members of staff (including the chief executive) of the Agency as it may think fit.

(2) A superannuation scheme shall fix the time and conditions of retirement for all persons to or in respect of whom superannuation benefits are payable under the scheme and different times and conditions may be fixed in respect of different classes of persons.

(3) A superannuation scheme submitted to the Minister under this section shall, if approved by the Minister with the consent of the Minister for Finance, be carried out by the Agency in accordance with its terms.

(4) A superannuation scheme may be amended or revoked by a subsequent scheme prepared, submitted and approved under this section.

(5) The Agency may not grant, or enter into any arrangement for the provision of any superannuation benefit to or in respect of a member of staff (including the chief executive) of the Agency except in accordance with a superannuation scheme approved under this section or approved by the Minister with the consent of the Minister for Finance.

(6) Each superannuation scheme shall include provision for appeals from a decision relating to a superannuation benefit under the scheme.

(7) The Minister shall ensure that a superannuation scheme approved under this section, including an amendment of a scheme, is laid before each House of the Oireachtas as soon as practicable after it is approved.

(8) Either House of the Oireachtas may, by a resolution passed within 21 sitting days after the day on which the superannuation scheme is laid before it, annul the scheme.

(9) The annulment of a superannuation scheme under subsection (8) takes effect immediately on the passing of the resolution concerned, but does not affect the validity of anything done under the scheme before the passing of the resolution.

(10) A scheme for granting superannuation benefits to or in respect of members of the staff of the Agency that is in existence immediately before the passing of this Act and that has been approved by the Minister with the consent of the Minister for Finance is deemed to have been submitted and approved under this section.

Annotations

Editorial Notes:

E11

Any defined benefit scheme established under section is excluded from Pensions Act 1990 (25/1990), Part III, by Occupational Pension Schemes (Preservation of Benefits) Regulations 2002 (S.I. No. 279 of 2002), reg. 11 as substituted (26.02.2009) by Occupational Pension Schemes (Preservation of Benefits) (Amendment) Regulations 2009 (S.I. No. 70 of 2009), reg. 2.