123.— (1) In this section, “superannuation benefit” means a pension, gratuity or other allowance payable on resignation, retirement or death.

(2) The Authority shall prepare and submit to the Minister a scheme or schemes for the granting of superannuation benefits to or in respect of such employees of the Authority as it may think fit.

(3) Every such 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 terms may be fixed in respect of different classes of persons.

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

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

(6) No superannuation benefit shall be granted by the Authority, nor shall any other arrangements be entered into by the Authority for the provision of such a benefit, to or in respect of an employee, otherwise than—

(a) in accordance with a scheme under this section, or

(b) with the consent of the Minister and the Minister for Finance.

(7) Each scheme made under this section shall make provision for appeals.

(8) The terms and conditions governing superannuation benefits granted under schemes made under this section to persons who transferred to the Authority under section 137 shall be no less favourable than those terms and conditions to which those persons were entitled immediately before their transfer.

(9) 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 Authority under section 137—

(a) the benefit shall be calculated by the Authority in accordance with such scheme, or such enactments in relation to superannuation, as applied to the person immediately before the transfer, and

(b) the person’s pensionable service with the Authority shall be aggregated with the person’s previous pensionable service and the benefit, as so calculated, shall be paid by the Authority.

(10) A scheme 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 anything done previously.