1. As soon as practicable after the commencement of Part III a university shall, subject to section 25, prepare and submit to An tÚdarás a scheme or schemes for the granting of pensions, gratuities and other allowances to or in respect of each of its employees (including the chief officer) as it thinks fit consequent on their retirement or death as the case may be.

2. Every scheme shall fix the time and conditions of retirement of all persons to or in respect of whom pensions, gratuities or allowances are payable under the scheme and different times and conditions may be fixed in respect of different classes or persons.

3. A university may at any time prepare and submit to An tÚdarás a scheme amending a scheme previously submitted and approved under this Schedule.

4. A scheme or amended scheme submitted to An tÚdarás under this Schedule shall, if approved by An tÚdarás with the consent of the Minister and the Minister for Finance, be carried out by the university in accordance with its terms.

5. If a dispute arises as to the claim of any person to, or the amount of, any pension, gratuity or allowance payable in pursuance of a scheme under this Schedule, it shall be submitted to An tÚdarás for determination by An tÚdarás subject to the agreement of the Minister and the Minister for Finance.

6. No pension, gratuity, allowance or other payment shall be granted by a university nor shall any other arrangements be entered into by the university for the provision of a pension, gratuity, allowance or other payment to or in respect of an employee (including the chief officer) otherwise than in accordance with a scheme under this Schedule, or with the approval of An tÚdarás, given with the consent of the Minister and the Minister for Finance.

7. The Minister shall cause every scheme submitted and approved under this Schedule to be laid before each House of the Oireachtas as soon as practicable after it is so approved and if either House, within the next 21 days on which that House has sat after the scheme is laid before it, passes a resolution annulling the scheme, the scheme shall be annulled accordingly, but without prejudice to the validity of anything previously done under the scheme.