32.— (1) As soon as may be after the establishment day, IFI shall prepare a scheme or schemes for the granting of superannuation benefits to or in respect of such employees (including the chief executive) as it may think fit.

(2) Every scheme made under this section shall be subject to the consent of the Minister and the consent of the Minister for Finance.

(3) Every scheme made under this section 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 terms and conditions may be fixed in respect of different classes of persons.

(4) The terms and conditions governing superannuation benefits granted under schemes made under this section to persons who transferred to IFI under section 49 shall not be less favourable than those to which they were entitled immediately before that day.

(5) Where, in the period beginning on the establishment day and ending immediately before the commencement of a scheme under this section, a superannuation benefit falls due for payment to or in respect of a person who was transferred to the staff of IFI under section 49, the benefit shall be calculated by IFI in accordance with such scheme, or such enactments in relation to superannuation, as applied to the person immediately before the establishment day, and for that purpose his or her pensionable service with IFI shall be aggregated with his or her previous pensionable service and the benefit, as so calculated, shall be paid by IFI.

(6) Every scheme made under this section may be amended or revoked by a subsequent scheme prepared, submitted and approved under this section.

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

(8) No superannuation benefit shall be granted by IFI nor shall any other arrangements be entered into by IFI for the provision of such a benefit to or in respect of a member of the staff of IFI otherwise than in accordance with a scheme under this section or with the consent of the Minister and the Minister for Finance.

(9) Every scheme made under this section shall make provision for appeals.

(10) A scheme made under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the scheme is passed by either such House within the next 21 days on which that House has sat after the scheme is laid before it, the scheme shall be annulled accordingly, but without prejudice to the validity of anything previously done under it.