27.—(1) The Commission may prepare and submit to the Minister a scheme or schemes or make such other arrangements with the approval of the Minister, given with the consent of the Minister for Finance, for the granting of superannuation benefits to or in respect of such members of the staff of the Commission as it may think fit.

(2) Every scheme under subsection (1) 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) Every scheme submitted by the Commission to the Minister under subsection (1) may, with the consent of the Minister for Finance, be amended or revoked by a subsequent scheme prepared, submitted and approved under subsection (1).

(4) A scheme under subsection (1) shall, if approved by the Minister with the consent of the Minister for Finance, be carried out by the Commission in accordance with its terms.

(5) No superannuation benefit shall be granted by the Commission nor shall any other arrangements be entered into by the Commission for the provision of such a benefit to or in respect of a member of the staff of the Commission otherwise than—

(a) in accordance with a scheme under subsection (1), or

(b) as may be approved of by the Minister with the consent of the Minister for Finance.

(6) If any dispute arises as to the claim of any person to, or the amount of, any superannuation benefit payable in pursuance of a scheme under subsection (1), such dispute shall be submitted to the Minister who shall refer it to the Minister for Finance, whose decision shall be final.

(7) As soon as may be after the establishment day, the Commission shall establish a fund, administered by trustees who shall be appointed by the Commission, from which superannuation benefits payable, in respect of a member of the staff of the Commission ceasing to hold office, under a scheme under subsection (1) shall be paid.

(8) The assets and liabilities of a superannuation fund established by the Director for his or her staff shall be transferred to a fund referred to in subsection (7).

(9) The Minister for Finance shall agree with the Commission an appropriate contribution, related to reckonable service given before the establishment day, towards the superannuation benefits which may be granted to or in respect of persons who are transferred from the Office of the Director to the Commission and who have previous service in the civil service, and shall, subject to subsection (11), pay such contribution to the trustees appointed under subsection (7) at such times and in such manner as shall be agreed with the Commission.

(10) Where any part of the contribution under subsection (9) remains unpaid for any period after the establishment day, interest shall be payable by the Minister for Finance to the trustees appointed under subsection (7) at such rate as the Minister for Finance may agree with the Commission in respect of that period on the amount so unpaid.

(11) Payments under subsection (9) or (10) shall be made not later than 7 years after the establishment day.

(12) (a) A scheme under subsection (1) shall be laid before each House of the Oireachtas by the Minister for Finance as soon as may be after it is made.

(b) Either House of the Oireachtas may, by resolution passed within 21 sitting days after the day on which the scheme was laid before it in accordance with paragraph (a), annul the scheme.

(c) The annulment of scheme under subsection (1) takes effect immediately on the passing of the resolution concerned but does not affect anything that was done under the scheme before the passing of the resolution.

(13) Moneys required to be paid by the Minister for Finance under this section shall be advanced out of the Central Fund or the growing produce thereof.