18.— (1) As soon as may be after the establishment day, the Board shall prepare and submit to the Minister a scheme or schemes for the granting of superannuation benefits to or in respect of such members of the staff of the Board, including the chief executive, as the Board may think fit.

(2) The Board shall submit to the Minister every scheme made under this section.

(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 times and conditions may be fixed in respect of different classes of person.

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

(5) A scheme or amending scheme submitted by the Board under this section shall, if approved by the Minister with the consent of the Minister for Public Expenditure and Reform, be carried out by the Board in accordance with its terms.

(6) No superannuation benefit shall be granted by the Board to or in respect of a member of the staff (including the chief executive) of the Board, nor shall any other arrangement be entered into for the provision of any superannuation benefit to such persons on their ceasing to hold office, otherwise than in accordance with a scheme or schemes submitted and approved under this section or an arrangement with the consent of the Minister and the Minister for Public Expenditure and Reform.

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

(8) The Minister shall cause a scheme made under this section to be laid before each House of the Oireachtas as soon as may be after it is approved under subsection (5) 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 thereunder.

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