Public Service Pensions (Single Scheme and Other Provisions) Act 2012

42.

Alteration of contribution rates.

42.— (1) Subject to subsection (3), where after consideration of an actuarial review and revaluation of the Scheme, or the part of it that has been reviewed, or reviewed and revalued, under section 41 the Minister is of the opinion that the amount of contributions paid by the State in respect of the employment concerned, by Scheme members generally or by the persons, or any class of persons, to whom paragraph (b), (c), (d), (e) or (f) of section 41(4) relates should be revised, then the Minister may by order revise the rate of contribution from the Scheme members concerned, subject to—

( a) where a rate determined on the basis of the actuarial review and revaluation would be higher than that standing provided for in this Chapter or by order under this subsection, as the case may be, the revised rate shall be neither higher than a rate so determined nor lower than the subsisting rate, and

( b) where a rate determined on the basis of the actuarial review and revaluation would be lower than that standing provided for in this Chapter or by order under this subsection, as the case may be, the revised rate shall be neither higher than the subsisting rate nor lower than a rate so determined.

(2) Where a rate determined on the basis of the actuarial review and revaluation would be lower than the relevant rate standing provided for in this Chapter or by order under this section, as the case may be, then an order under subsection (1) may have retrospective effect but shall not have retrospective effect to any date earlier than—

( a) any date referred to in the actuarial review and revaluation as the effective date for the purposes of the revaluation, or

( b) in the absence of any such date being so referred to, the date the actuarial review and revaluation was completed and sent to the Minister.

(3) An order under subsection (1) may be made only if—

( a) a draft of the order has been laid before each House of the Oireachtas, and

( b) the draft has been approved by resolution passed by each of those Houses.