Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697804132647.pdf (Ireland)
A&LCoodbody Dated 2021 EIRGRID PUBLIC LIMITED COMPANY TRUSTEE DECISIONS LIMITED DECLARATION OF TRUST AND RULES OF THE EIRGRID RETIREWISE DEFINED CONTRIBUTION PENSION SCHEME Table of Contents Declaration of Trust Establishment of the Scheme................................................................................................................................. 3 Rules....................................................................................................................................................................... 4 Revenue Commissioner’s Approval and Nature and Purpose of the Scheme......................................................4 Interpretation...........................................................................................................................................................4 Removal and Appointment of Trustees.................................................................................................................. 4 Investments.............................................................................................................................................................6 Administrator...........................................................................................................................................................8 Trustee Duties.........................................................................................................................................................8 Trustee Powers and Functions............................................................................................................................... 9 10 Determination of the Scheme................................................................................................................................. 11 11 Fees, Costs and Expenses.................................................................................................................................... 11 12 Scheme
11 12 Scheme Amendments............................................................................................................................................ 12 13 Power to settle or compromise claims.................................................................................................................... 12 14 15 16 17 Trustee Protection.................................................................................................................................................12 Temporary Absence..............................................................................................................................................13 Benefits................................................................................................................................................................. 14 Administration........................................................................................................................................................ 15 18 Closing and re-opening the Scheme......................................................................................................................16 19 Revenue Approval, Revenue Limits, ARF Option and AVC Encashment........................................................... 16 Definitions.............................................................................................................................................................. 19 Membership...........................................................................................................................................................24 Contributions.........................................................................................................................................................25 Benefits at Normal Retirement Age...................................................................................................................... 26 Benefits After
26 Benefits After Retirement..................................................................................................................................... 28 Benefits on Retirement before Normal Retirement Age...................................................................................... 28 Withdrawal from Service before Normal Retirement Age.................................................................................... 30 Benefits on Death in Service................................................................................................................................ 30 Associated Employers and Employer Consent....................................................................................................32 Takeover by New Employer................................................................................................................................. 32 Transfers................................................................................................................................................................ 32 Tax 33 Discontinuance......................................................................................................................................................34 Benefits in Excess of Revenue Limits.................................................................................................................. 34 15 Winding Up............................................................................................................................................................34 16 Headings...............................................................................................................................................................35 KA A O A ne AA^t E 17 Standard Fund Threshold.....................................................................................................................................35 18 Payment without
18 Payment without Representation..........................................................................................................................35 THIS DECLARATION OF TRUST is made the day of 2021 DECLARATION OF TRUST BY (1) (2) EIRGRID PUBLIC LIMITED COMPANY (registered in Ireland under company number 338522) whose registered office is at The Oval, 160 Shelbourne Road, Ballsbridge, Dublin D04 Y2Y4 (the Principal Employer which expression may include any person or firm which as a result of any amalgamation or reconstruction or otherwise may carry on or succeed to the business of the Principal Employer); and TRUSTEE DECISIONS LIMITED (registered in Ireland under company number 490077) whose registered office is at 6*^ Floor, 2 Grand Canal Square, Grand Canal Quay, Dublin 2 (the Trustees) which expression shall include their successors and/or assigns and other trustee or trustees for the time being of the Scheme including the survivor or survivors of them.
WHEREAS: (A) (B) (C) (D) (E) Pursuant to Regulation 17(1) of the European Communities (Internal Market in Electricity) Regulations 2000 (as amended, the Electricity Regulations 2000), the Principal Employer may prepare schemes for the granting of superannuation benefits for submission and approval under that Regulation or pursuant to Regulation 17(6) the Principal Employer may otherwise grant such benefits by an arrangement under Regulation 17(6)(b) of those Regulations.
Pursuant to Regulation 17(8) of the Electricity Regulations 2000, the Principal Employer may establish a fund to be administered by trustees from which superannuation benefits shall be paid.
The Principal Employer has determined to establish under irrevocable trusts a retirement benefits scheme to be known as the EirGrid RetireWise Defined Contribution Pension Scheme (the Scheme) which for the purpose of Regulation 17(1) of the Electricity Regulations 2000 shall be a "scheme" and for the purpose of Regulation 17(8) of the Electricity Regulations 2000 shall be a "fund administered by trustees" for employees of the Principal Employer and any Associated Employer who are or become eligible to participate in the Scheme.
A scheme submitted to the Minister for Environment, Climate and Communications (the Minister) by the Principal Employer under the said Regulation 17(1) shall, if approved by the Minister with the concurrence (pursuant to the Finance (Transfer of Departmental Administration and Ministerial Functions) Order 2011) of the Minister for Public Expenditure and Reform, be operated in accordance with its terms.
The Principal Employer has requested the Minister for Environment, Climate and Communications to approve the Scheme as submitted and has requested the Minister for Public Expenditure and Reform to approve same.

Their approval is evidenced by their affixing their signatures to this deed.

(F) The Principal Employer has requested the Trustees to act as trustees of the Scheme and the Trustees have declared that they are eligible to and have consented to so act.
NOW IT IS HEREBY WITNESSED AND DECLARED AS FOLLOWS: 1 ESTABLISHMENT OF THE SCHEME The Scheme (including the Fund) is hereby established by the Principal Employer pursuant to Regulations 17(1) and 17(8) of the Electricity Regulations 2000 under irrevocable trusts and shall commence on 1 March 2021 (the Commencing Date) for the main purpose of providing relevant benefits as defined in Section 770 of the Taxes Consolidation Act.
2 RULES The provisions of the Scheme (including the Fund) are set out in this Declaration of Trust and the Rules of the Scheme scheduled hereto (the Rules which expression shall include any amendments or additions thereto) and the Scheme shall have effect as provided in the Declaration of Trust and the Rules.
3 REVENUE COMMISSIONER'S APPROVAL AND NATURE AND PURPOSE OF THE SCHEME (1) (2) (3) The Scheme is a retirement benefits scheme as defined by Section 771 of the Taxes Consolidation Act capable of being approved by the Revenue Commissioners pursuant to Section 772 of the Taxes Consolidation Act and of being treated by the said Commissioners as an exempt approved scheme pursuant to Section 774 of the Taxes Consolidation Act and nothing in this Declaration of Trust or the Rules shall operate to prejudice such treatment of the Scheme by the Revenue Commissioners.
The Scheme is an occupational pension scheme and a defined contribution scheme within the meaning of the Pensions Act and this Declaration of Trust and the Rules shall be construed subject to the provisions of the Pensions Act.

The main purpose of the Scheme is to provide Members or their Beneficiaries or legal personal representatives with relevant benefits as defined in Section 770(1) of the Taxes Consolidation Act in respect of their membership as an Eligible Employee of the Scheme.
4 INTERPRETATION Throughout this Declaration of Trust and the Rules: (a) a word or phrase appearing in parenthesis has the meaning of words immediately preceding it (b) (c) (d) (e) (f) words importing the male gender shall be construed as including the female gender and vice versa and words importing neuter gender shall be construed as including male and female genders except where the context otherwise requires words in the singular shall be construed as including words in the plural and words in the plural as including words in the singular except where the context otherwise requires the definitions contained in Rule 1 shall apply to expressions used in both the Declaration of Trust and the Rules any reference to any provision of any legislation shall include any modification re-enactment or extension thereof for the time being in force and any regulations made thereunder any reference to a clause is to a clause of this Declaration of Trust and any reference to a rule is to a rule of the Rules.
5 REMOVAL AND APPOINTMENT OF TRUSTEES (1) (2) The Trustees are hereby appointed trustees of the Scheme.

It is DECLARED by the Trustees that they are not prohibited by Section 59A(1) of the Pensions Act from acting as trustee of the Scheme and they undertake to the Principal Employer and the other trustees (if any) to advise them immediately if it or any of its directors becomes a person prohibited by Section 59A(1) of the Pensions Act from acting as a trustee of the Scheme.
A body corporate may act as sole trustee or with one or more other trustees, but if each trustee is an individual then the number of the Trustees shall be at least three.

A body corporate or individual may not be a trustee of the Scheme where prohibited by the Pensions Act from acting as a trustee.

A AC 4 (3) (4) (5) (6) (7) (8) The Trustees shall hold the Fund in trust for the respective persons for whose benefit benefits are payable in accordance with the Rules.
The power to appoint a new or additional trustee or trustees and to remove a trustee or trustees shall be vested in the Principal Employer unless the Principal Employer shall be dissolved or be unable or unwilling to act in the trusts.

All appointments and removals of trustees shall be effected by Deed.

The office of a trustee shall be vacated if he dies, is removed from office by the Principal Employer or resigns.
Any Trustee may resign as a trustee of the Scheme by serving on the Principal Employer one month's notice in writing to that effect (or such shorter period as they may agree in writing) which notice shall be delivered to or sent by registered post to the registered office or principal place of business of the Principal Employer, At the expiration of any such notice the Trustee so resigning shall be deemed to have retired from the trust.
A Trustee who resigns or is removed from office must sign all documents and do everything necessary to give effect to his resignation or removal and to vest the Fund in the other Trustees.

If, on the retirement of the last survivor of the Trustees, the Principal Employer shall fail to appoint a successor in office, the Principal Employer shall become the trustee of the Scheme upon the retirement of the last survivor of the Trustees.
Upon retirement the retiring Trustees shall from that date be freed and discharged from all obligations imposed upon them by this Declaration of Trust and the Rules in respect of the Scheme.
Any Trustee for the time being of the Scheme, being engaged in the business of providing a trusteeship service for payment shall be entitled to fees or remuneration for his or its services as a Trustee (and Value Added Tax thereon if applicable) at a rate to be agreed from time to time between such Trustee and the Principal Employer.

(9) Any Trustee who is eligible for membership of the Scheme may be a Member and benefits may accrue and be paid to or in respect of him notwithstanding that he is a Trustee.
(10) A Trustee and a director or other officer of a corporate or partnership Trustee may vote on any issue in which he has an interest as a Member or Beneficiary.

The personal interest of a Trustee or a director or other officer of a corporate or partnership Trustee in a decision or exercise of a power will not invalidate any decision or exercise of the power by the Trustees.
(11) A sole corporate or partnership Trustee shall exercise its powers and discretions and perform its duties under the Scheme in accordance with its constitution.

Where there is more than one Trustee: (a) they may conduct business at a meeting or by telephone conference, video-link, internet or any other form of electronic or digital media as they agree subject to all of the Trustees participating in the meeting being able to hear and speak to each other.
The use of one or more of these shall constitute a Trustee meeting (b) they may make such regulations as to their meetings (including provisions as to the venue and conduct thereof and as to the chairman thereof) as they think fit (c) two Trustees shall form a quorum (d) (e) at any meeting of the Trustees the Trustees shall act on the vote of a majority and in the case of equality of votes the chairman of the meeting shall have a second or casting vote any resolution signed by each of the Trustees (whether such signatures are contained in one or more than one copy of such resolution) shall be binding and effective as if the same were a resolution of the Trustees passed at a meeting of the Trustees duly convened.
(f) If one or more of the Trustees is a corporate or partnership Trustee, it may attend a Trustees' meeting by one or more of its directors or duly authorised officers, employees or agents.

It will have only one vote in relation to business at the meeting.
6 INVESTMENTS 6.1 investments generally (1) The Trustees may retain any amounts they think proper in bank accounts designated in their name and subject thereto shall have full and unrestricted powers of investment and application of the Fund and may invest or apply the whole or any part of the Fund for the purposes of the Scheme in, or on the security of.
any stocks, shares, debentures, debenture stock, units in collective investment undertakings or other investments or applications of any kind, wherever situate, whether income producing or not, whether involving liability or not and whether or not authorised by law for the investment of trust moneys, or on whatever credit (with or without security) as the Trustees in their absolute discretion think fit and more particularly, but without prejudice to the generality of the foregoing: (a) (b) (c) (d) (e) (f) by placing any amount on deposit or current account designated in their name with any bank, insurance company, building society or finance company at whatever rate of interest (if any) and on whatever terms the Trustees think fit, by investing in any deferred or immediate annuity contracts or policies or retirement, endowment or sinking fund contracts or policies or assurance contracts or policies effected with any Life Office in accordance with clause 6.2 provided that all sums payable under the contracts or policies shall be held by the Trustees upon trust for the purposes of the Scheme, by participating in any unit linked arrangement, scheme of deposit administration, managed fund or other common investment fund administered by any Life Office or other financial institution, by participating in any investment in (whether income producing or not), or in the acquisition or acquisition and development of, any interest in land or property, whether alone or jointly with any other party (notwithstanding that the interest of the Trustees may be a minority interest) and whether as partners or as trustees, to hold the same upon trust for sale or otherwise, with the prior consent of the Principal Employer, by purchasing or subscribing for or engaging in underwriting or sub-underwriting in connection with the offer for sale of any stocks, shares or other securities, by engaging in any financial operation which in the opinion of the Trustees is designed to protect or enhance the value of the Fund and in particular
 (without prejudice to the generality of the foregoing) to engage in forward currency markets, financial futures markets and in traded options, (g) by engaging in foreign exchange transactions, (h) by effecting such insurance (including life assurance) as the Trustees consider prudent, or (i) by the purchase or retention of gold bullion or any other commodity of any kind whatsoever.
(2) The Trustees may realise any investment or application and reinvest the proceeds in any other or others, so that the Trustees shall have the same full and unrestricted powers of investment and application and of varying and transposing investments and applications as if they were absolutely and beneficially entitled to the Fund.
(3) Subject to clauses 9(10) and 9(11), money shall be deposited and investments registered in the names of the Trustees or in the name of a body corporate as nominee of the Trustees.
6.2 Effecting Assurances (1) (2) (3) The Trustees may effect an assurance or assurances with a Life Office in respect of the Members and may on any date thereafter effect a further assurance or assurances with a Life Office in respect of them and any such assurance shall (except to the extent that a Member has agreed with the Employers to contribute any part thereof by way of annual contribution, additional voluntary contributions or special contributions) be effected and maintained at the cost of the Employers.
The amount of the contributions to be paid by the Employers to the said assurance or assurances shall from time to time be determined by the Principal Employer and where an Employer is obliged to pay any sum expressed as a cash amount or as a percentage or proportion of an employee's wages or salary that Employer shall pay such sums on a monthly basis to the Trustees within 21 days following the end of the calendar month in which they fall due.
Provided that the Employers shall bear not less than that part of the total cost of the benefits being provided under all retirement benefits schemes of the Employers, as shall be determined by the Revenue Commissioners from time to time, in respect of each Member.
The assurance or assurances effected under the Scheme in respect of any Member must not be such that the value thereof is likely in any event to exceed that of the maximum benefit prescribed by the Revenue Commissioners which may in that event be provided in respect of that person under the Scheme and the Trustees shall consider all such assurances at least once in every five years and if as a result of such reconsideration it appears that any assurance is excessive the premium payable thereunder shall be reduced, suspended or cease to be paid.
(4) Any assurance or assurances effected under the Scheme will be subject to the terms of the policy or policies issued to the Trustees by a Life Office.
6.3 General Provisions Relating to Investment (1) (2) (3) (4) To the extent permitted by law, but subject to the consent of the Principal Employer, the Trustees may borrow for the purposes of the Scheme, whether on the security of investments or otherwise, and may undertake on behalf of the Scheme any liability in relation to any investment or application of the Fund.
Subject to the consent of the Principal Employer, the Trustees may mortgage, pledge or charge all or any of the Fund as if they were the absolute and beneficial owners thereof.

The powers of the Trustees contained in this clause 6 are subject to the requirements set out in the Pensions Act relating to proper investment of the Fund.
The Employers shall give or cause to be given to the Member and to the Trustees a written statement no less frequently than once a month, specifying both the total amount deducted from the Member's salary or wages and remitted to the Trustees on his behalf and the total amount paid on behalf of or in respect of the Member to the Trustees in the preceding month, or in the period since the previous statement was given.
6.4 Notwithstanding clauses 6.1 and 6.2, the Principal Employer may from time to time direct the Trustees to provide the Members with a choice of investment options.

The provision of investment options shall be subject to the following conditions: 6.4.1 6.4.2 6.4.3 6.4.4 6.4.5 The choice of investment options may apply to the whole or any part of the Member's Attributable Proceeds of the Fund and conditions and limitations may be attached to them by the Trustees.
The Trustees, in consultation with the Principal Employer but otherwise, in their absolute discretion, shall determine the investment options to be made available and the conditions and limitations which shall apply to them.

The Trustees, in consultation with the Principal Employer but otherwise in their absolute discretion, at any time may vary or withdraw an investment option or may vary or waive any of the conditions or limitations attaching to the options or any of them.
The Principal Employer at any time by written notice may direct the Trustees to withdraw the choice of investment options from the Members and the Trustees shall forthwith do so.
In connection with the withdrawal of investment options, the Trustees may, and shall if so directed by the Principal Employer, transfer the part of a Member's Attributable Proceeds of the Fund invested in a given investment option to such other investment option or options as the Trustees shall determine to be appropriate in the circumstances.
Provided that the choice of investment options granted to a Member has not been withdrawn, the Trustees shall invest the Attributable Proceeds of the Fund, or such part thereof as is subject to the option, in accordance with the Member's selection but subject always to the conditions and limitations attaching to the investment options.

If the Member fails to exercise his choice within such period as the Trustees may specify, the options shall lapse and the Trustees shall make a selection instead.
The Trustees shall not in any circumstances be obliged to assist or advise any Member in relation to the choice or suitability of any investment option.

Without prejudice to the generality of clause 14(1) the Trustees shall not be liable for any loss or damage which may be attributable to their following the Member's selection of investment options under this clause.

The Trustees shall maintain a separate record of the contributions paid by, or in respect of.
and of any transfer payments received under Rule 11 in respect of each Member and of the accumulated investments representing such contributions.

7 ADMINISTRATOR (1) (2) (3) Subject to clauses 7(2) and 7(3) the Trustees who are resident in Ireland will be responsible for the discharge of all duties imposed on the Administrator of the Scheme under Part 30 Chapter I of the Taxes Consolidation Act (the Administrator).

The Trustees shall manage and administer the Scheme in accordance with the Rules.
The Trustees shall have the power, subject to the consent of the Principal Employer, to appoint as Administrator any pension consultant or consultants, of good repute, or any other suitable person or persons.

If so required by the Pensions Act.


the Trustees shall, subject to the consent of the Principal Employer, appoint one or more Registered Administrators each of whom shall be a person qualified for appointment as a Registered Administrator for the purposes of the Pensions Act (the Registered Administrator).
8 TRUSTEE DUTIES Without prejudice to the duties of trustees generally and the generality of clause 3(2), the Trustees shall, in accordance with the Pensions Act and any regulations made thereunder: (1) ensure, in so far as is reasonable, that the contributions payable are received and that they are invested with the Life Office within 10 days of the latest date on which they should have been remitted or paid by the Employers pursuant to clause 6.2, or if received later than that date, as soon as practicable after receipt (2) provide for the proper investment, in accordance with this Declaration of Trust and the Rules, of the contributions they receive from or in respect of the Members, and so that the Trustees shall, within such parameters (if any) and subject to such conditions (if any) as they may from time to time decide, follow directions given by a Member in relation to the investment of all or any part of the resources of the Scheme applicable to that Member, and may decide how those resources are to be invested in any case where the Member gives no direction, and the Trustees shall not be liable in any way for having followed any such directions (3) make arrangements for the payment of benefits payable under the Rules as they become due whether in the State or in any other Member State, net of any taxes and transaction charges that may be applicable (4) ensure that proper membership and financial records are kept (5) (6) (7) (8) (9) if the Scheme is wound up.
apply its assets in discharge of its liabilities without undue delay in accordance with this Declaration of Trust and the Rules register the Scheme with the Pensions Authority, ensure that the Pensions Authority is provided with any information required relating to the Scheme's registration and pay from the resources of the Scheme any fee that may be required in connection with such registration furnish such information in relation to the Scheme as may be required to the persons entitled to receive it cause to be prepared an annual report of the Scheme and annual member benefit statements where so required by the Pensions Act, and furnish information in accordance with the Pensions Act on this Declaration of Trust and the Rules and on the administration and finances of the Scheme, the rights and obligations which arise or may arise under the Scheme and on such other matters as may be prescribed by the Pensions Act to (a) Members and prospective Members, (b) the spouses and Civil Partners of Members and prospective Members, (c) (d) persons within the application of the Scheme and qualifying or prospectively qualifying for benefits thereunder, and any trade union representing the Members to which a negotiation licence has been issued under Part II of the Trade Union Act, 1941.
9 TRUSTEE POWERS AND FUNCTIONS (1) (2) The Trustees may delegate and authorise the sub-delegation of any of their trusts, duties, powers and discretions under this Declaration of Trust or the Rules in any manner as to them seems proper to any person or persons, including any one or more of the Trustees or a committee which includes or is comprised solely of two or more of the Trustees.
The Trustees may appoint and obtain the advice of any solicitor, accountant, broker, medical practitioner, actuary, pension consultant or any other professional adviser as the Trustees think fit and the Trustees shall not be liable in respect of any calculation, determination, payment or other matter or thing done or omitted to be done by the Trustees in the administration of the Scheme while acting upon the advice of any such person or upon the advice of the Scheme actuary or auditor.
(3) (4) The Trustees shall have and be entitled to exercise all powers, rights and privileges and to give undertakings in connection with the Scheme requisite or proper to enable them to carry out all or any transaction, act, deed or thing arising under or in connection with this Declaration of Trust or the Rules.
Any of the Trustees or any director of a corporate Trustee who is a Member may retain any benefits payable to him from the Scheme for his own benefit absolutely and may participate in any discussion in respect of a vote on any resolution which affects or may affect any benefit payable to him from the Scheme in any way whatsoever.

(5) The Trustees shall make all necessary arrangements for dealing with receipts, payments and discharges under the Scheme.
The Trustees may: (a) (b) by any memorandum signed by all of them authorise that cheques may be drawn or endorsed by such one or more of the Trustees or by such other person, if any, as they may appoint for the purpose.

give vary and revoke instructions as to the custody and disposal of any part of any assurance or assurances effected under the Scheme and as to the signature of proposal forms.
The Trustees shall be entitled to deduct from any payment being made under the Rules the amount of any tax for which they or the Administrator are liable or accountable and to pay such amount to the Revenue Commissioners.
Subject to the requirements of the Revenue Commissioners, the Trustees shall be entitled to withhold all or any part of any sums payable out of the Scheme in connection with which they or the Administrator may have any liability including a secondary liability until such time as they receive satisfactory evidence that such liability has been discharged.

The Trustees will, if required by law, appoint a person to act as auditor of the Scheme.
The person appointed as auditor will be a person qualified to act as an auditor of companies under the Companies Act 2014 and who is not precluded from acting as auditor by section 56 of the Pensions Act.

The Trustees shall keep all accounts, entries, registers and records necessary for the proper working of the Scheme and shall, if so required under the Pensions Act, cause the accounts to be audited by the auditor in accordance with the requirements of the Pensions Act.
The auditor shall have access to all books, papers, vouchers, accounts and documents connected with the Scheme and shall prepare a report on the audited accounts, and the Trustees shall furnish him with such other information as he may reasonably request for the purpose of performing his functions and duties.
The Trustees may appoint any one or more of the Employers and/or any Life Office and/or any other person as they may from time to time decide as their agent or agents for the purposes of paying any benefit or benefits payable under the Rules.

The receipt of any agent shall be a sufficient discharge to the Trustees for the payment of the benefit or benefits.
The Trustees may, with the consent of the Principal Employer, appoint and dismiss any one or more companies, firms or individuals (whether or not a Trustee of the Scheme) as investment manager or investment managers of the Fund or of a part or parts of the Fund.
The terms of the appointment shall be agreed from time to time between the Trustees and the investment manager or investment managers and may include such indemnities in favour of the investment manager or managers and such other commitments by the Trustees, with the consent of the Principal Employer, as they consider appropriate.
Any investment manager or investment managers may be (6) (7) (8) (9) (10) empowered by the Trustees to exercise or carry out all or any of the powers of the trustees under clause 6 and such of the other functions, powers, duties and discretions of the Trustees as the Trustees think fit The Trustees may also with the approval of the Principal Employer appoint any companies, firms or individuals (whether or not a Trustee of the Scheme) as the Scheme's investment adviser.
(11) The Trustees may appoint and dismiss any one or more companies, firms or individuals as custodial agents and may authorise such custodial agents to appoint sub-custodial agents.
The assets of the Fund may be placed by the Trustees in the name or under the control of such custodial agents and sub-custodial agents to the extent and in the proportions which the Trustees determine and on such terms (which may include indemnities and other commitments by the Trustees) as the Trustees may consider appropriate.
(12) The Trustees may, subject to clause 6, guarantee the payment of any sum, guarantee the performance of any obligation by any person, grant an indemnity against any liability, loss or expenses of any person; and create a mortgage, charge, lien or other form of security on the Scheme Assets as security for any obligation or liability.

(13) The Trustees may pay such fees or remuneration as they think fit to any person they appoint under this clause 9.
The fees or remuneration will be an expenses of the Scheme payable in accordance with clause 11.
10 DETERMINATION OF THE SCHEME The Scheme shall be wound up on the day on which the first of the following events occurs: (1) On the Principal Employer being wound up or ceasing to carry on business unless: (i) (ii) a new employer of some or all of the Members is willing to enter into an agreement as provided in Rule 10 for the purpose of continuing the Scheme, or (if the Principal Employer is wound up) the Trustees have agreed to continue the Scheme for some or all of the Members remaining in the service of the Employers after the date on which the Principal Employer is wound up until the winding up of the Principal Employer is completed, or Subject to the Electricity Regulations 2000, on the expiry of a written notice to the Trustees by the Principal Employer of its intention to discontinue contributions to the Scheme, provided that such notice period shall in any case not be less than one month's written notice to the Trustees, or On any one or more Employers failing to pay to the Trustees any sum or sums within such reasonable time as the Trustees shall require the same to be paid, or failing to observe and perform any other of their obligations under this Declaration of Trust or the Rules or under any supplemental deed or agreement, and (in either case) the Trustees then resolving to wind up the Scheme.
(2) (3) 11 FEES, COSTS AND EXPENSES (1) All necessary fees costs and expenses incurred by the Trustees in connection with the administration, operation and termination of the Scheme and the Fund shall be paid out of the Fund unless, and then only to the extent that, the Principal Employer directs otherwise or the Employers are otherwise required under the Declaration of Trust and the Rules to meet the Trustees fees costs and expenses.
(2) The Trustees shall have the power to make such arrangements generally for the administration of their duties hereunder and in particular to employ such agents and staff to transact or to concur in transacting any business (including the receipt and payment of money) as the said Trustees shall think fit and shall have power to pay proper remuneration to any such agents or staff.
The Trustees may pay such reasonable remuneration fees, costs or expenses as they think fit to any person or persons employed by the Trustees or providing services or goods to the Trustees in accordance with this Declaration of Trust which remuneration fees, costs and expenses shall be deemed to be part of the expenses incurred in connection with the Scheme.
For the avoidance of any doubt, any levy or duty payable under Section 125B of the Stamp Duties Consolidation Act, 1999 shall not be a cost, charge or expense payable by the Employers for the purposes of this clause 11.
(3) (4) 12 SCHEME AMENDMENTS With the approval of the Minister and the concurrence of the Minister for Public Expenditure and Reform in accordance with Regulation 17 of the Electricity Regulations 2000 and the Finance (Transfer of Departmental Administration and Ministerial Functions) Order 2011, the Principal Employer with the consent in writing of the Trustees (if the Principal Employer is not at the relevant time sole Trustee of the Scheme) may at any time (including after the Scheme or any part of it has commenced winding-up or has discontinued) amend any of the provisions of this Declaration of Trust and the Rules with immediate, future or retroactive effect provided that no amendment shall be made which: (1) (2) varies the main purpose of the Scheme namely the provision of relevant benefits as described in Section 770 of the Taxes Consolidation Act or results in loss of the approval of the Revenue Commissioners so long as the same shall be necessary for exemption or relief from taxation, authorises the return of any part of the Fund without the approval of the Revenue Commissioners to the Principal Employer or any Associated Employer except as herein otherwise provided, or (3) conflicts with the requirements of Regulation 17 of the Electricity Regulations 2000.
13 POWER TO SETTLE OR COMPROMISE CLAIMS (1) (2) The Trustees, in addition and without prejudice to all powers conferred upon trustees, shall have the power to settle or compromise any claims, matters, disputes or differences arising out of the Scheme or otherwise in connection therewith and to commence, carry on or defend proceedings relating in any way to the Scheme or relating to any rights of the Members and others therein.
All disputes and differences arising out of the Scheme or otherwise in connection therewith not resolved under the provisions of clause 13(1) shall be referred to arbitration pursuant to the provisions of the Arbitration Act 2010 and any amendments thereof.
14 TRUSTEE PROTECTION (1) The Trustees (and where the Trustees comprise or include a corporate body, the officers and employees of any such body) shall not be responsible, chargeable or liable in any manner whatsoever for or in respect of; (a) any loss of, any depreciation in or default upon any of the assurance or assurances or the investments, shares, debentures, securities, stocks or policies or other property in or upon which the moneys and assets of the Scheme or any part thereof may at any time be invested pursuant to the provisions hereof; (b) any delay which may occur from whatever cause in the investment of any moneys belonging to the Scheme: (c) (d) (e) the safety of any securities, documents of title or other investments relating to the Scheme deposited by the Trustees for safe custody: any payment or payments to any person or persons erroneously made or caused to be made by the Trustees; the exercise of any discretionary power vested in the Trustees by this Declaration of Trust and Rules or otherwise including any act or omission by any committee, agent employee or delegate appointed by the Trustees; (f) any loss occasioned as a result of the Member's choice of retirement options; or (g) by reason of any other matter or thing; provided always that any such Trustee, officer or employee shall be liable (but only he shall be liable) for fraud or wilful default on his part and any Trustee of the Scheme who is engaged in the business of providing a trustee service for a fee shall be liable for fraud, wilful default and negligence.
(2) Without prejudice to any right to any indemnity by law given to trustees, the Trustees and each of them shall be indemnified by the Employers and each of them: (a) in respect of all liabilities incurred by them in the execution or purported execution of the trusts of the Scheme or of the trust duties, powers or discretions vested in the Trustees under the Scheme and in the management and administration of the Scheme and of the assurance or assurances effected under the Scheme with the Life Office; and (b) against all actions proceedings costs claims and demands in respect of any matter or thing made, done or omitted in any way relating to the Scheme and shall to the extent that the Employers fail to indemnify them, be indemnified out of the Fund including any assurance or assurances effected under the Scheme with a Life Office, PROVIDED THAT a Trustee shall not be indemnified against any liability arising out of fraud or wilful default on his part and any Trustee of the Scheme who is engaged in the business of providing a trustee service for a fee shall not be indemnified against any liability arising out of its fraud, wilful default or negligence.
(3) If one or more of the Trustees incurs a liability arising out of the fraud, wilful default or negligence on the part of such Trustee or Trustees, the aforementioned indemnity nevertheless shall continue in force and effect in favour of the other Trustees who have not been party to such fraud, wilful default or negligence.
15 TEMPORARY ABSENCE (1) Subject to the agreement of the Employer and subject to Rule 7, a Member temporarily absent from Service shall be treated as a Member who continues to be in Service accruing benefits under the Scheme during the absence: (a) if there is a reasonable expectation on the part of the Member and the Employer of the Member returning to Service; and (b) if the absence is Qualifying Absence.
(2) In any period of Qualifying Absence in which a Member receives any remuneration from the Employer: (a) (b) unless the Principal Employer decides otherwise, he will continue to make contributions to the Scheme at such rate, and by reference to such remuneration, as the Principal Employer shall decide; and the Employer will continue to make contributions to the Scheme under Rule 3.2 at such rate, and by reference to such remuneration, as the Principal Employer shall decide.
(3) In any period of Qualifying Absence in which a Member does not receive any remuneration from the Employer: (a) the Member will not pay contributions under Rule 3.1 and (b) the Employer will not pay contributions under Rule 3.2 unless the Principal Employer directs otherwise.
(4) If during a period of Qualifying Absence a Member's pay is reduced or stopped, the Principal Employer may direct the Trustees to: (a) (b) maintain his earnings for death benefit purposes at the level in force immediately before pay was reduced or stopped; or deem his earnings for death benefit purposes to be such amount (if any) as the Principal Employer decides.
(5) (6) If a Member does not return to work at the end of Qualifying Absence or his absence is for a reason other than Qualifying Absence, he shall be treated as having left Service.
Notwithstanding any provision of this Declaration of Trust or any of the Rules, the Trustees will operate the Scheme to comply with: (a) Sections 81A and 81B of the Pensions Act; (b) the Maternity Protection Acts 1994 and 2004; (c) the Adoptive Leave Acts 1995 and 2005; (d) the Parental Leave Acts 1998-2006; (e) the Carer's Leave Act 2001; (f) the Paternity Leave and Benefit Act, 2016; and (g) any other legislation dealing with absence or leave by an Employee, but, unless the Employer with the consent of the Trustees and the Principal Employer decides otherwise, only to the extent required under those Acts.
16 BENEFITS (1) The payment of any benefit for any person under age 18 is to be made for or towards the support and maintenance of the person to: (a) a parent or legal guardian of the person; (b) to any suitable person selected by the Trustees; or (c) on trust for the benefit of the person concerned to any suitable person selected by the Trustees.

The application or payment by the Trustees under clause 16(1) shall be a good discharge for the Trustees.
The Trustees need not satisfy themselves as to the proper application of the money.

If the Trustees decide a Member or Beneficiary is incapable of giving a good receipt for a benefit, the Trustees may: (a) (b) pay or apply the benefit to any person or institution whom the Trustees consider responsible for his care for the benefit of the Member or Beneficiary: or pay the benefit on trust for the benefit of the Member or Beneficiary to any suitable person selected by the Trustees.
The application or payment by the Trustees under clause 16(3) shall be a good discharge for the Trustees.

The Trustees need not satisfy themselves as to the proper application of the money.

The Trustees may pay the whole of a pension as a lump sum where permitted by law and provided that the Revenue Commissioners shall so permit.

(2) (3) (4) (5) 17 ADMINISTRATION (1) (2) (3) (4) (5) (6) (7) (8) The Trustees wilt keep such books and records of the administration of the Scheme as are required by law.
The Trustees will keep their books and records for at least 6 years from the end of the Scheme Year to which they relate.

The Scheme Year shall be the scheme year for the purposes of Section 55(1) of the Pensions Act and the Occupational Pension Schemes (Disclosure of Information) Regulations, 2006 to 2013 (as amended).
The Trustees will where required in accordance with Section 56 of the Pensions Act have prepared accounts for each Scheme Year, have the accounts audited and obtain the auditor’s report on the accounts as soon as reasonably practicable, and in any event not later than 9 months, after the end of the Scheme Year to which they relate.
If an Employer receives monies from the Trustees for paying benefits to a Member and the Employer does not pay the benefits within 2 working days of receipt of the monies (unless the Trustees agree to a longer period), the Employer will pay them to be held on trust into a separate bank account.

The Trustees will comply with the terms of any pension adjustment order made under the Family Law Acts or the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010.
The Employers will provide the Trustees with any information which they reasonably require for the proper administration of the Scheme and for the purpose of their functions under the Pensions Act as soon as is practicable following notice from the Trustees.
The Trustees will provide each Employer with any information which they reasonably require for the proper administration of the Scheme and for the purpose of their functions under the Pensions Act as soon as is practicable following notice from an Employer.

(9) The Trustees and the Employers shall comply with the provisions of Section 54 of the Pensions Act relating to the provision of information to any auditor instructed for the purposes of clause 16(4) and the Pensions Authority.
(10) Subject always to compliance with any applicable legal requirements, the Trustees or an Employer may, for the purposes of the Scheme, communicate with each other or any other person, and permit any person to communicate with either of them, in such manner as they deem appropriate including, without limitation, by sending communications by hand, by post or other delivery service, by fax, by electronic mail or by or through a website or other similar system.
18 CLOSING AND RE-OPENING THE SCHEME (1) (2) The Principal Employer may by notice to the Trustees direct that membership under the Rules be closed to new entrants and that thereafter no person shall be eligible to become 3 Member under the Rules without the Principal Employer's consent.

The Principal Employer may by notice to the Trustees direct that membership under the Rules be reopened to new entrants and may state the criteria for membership and impose any other conditions it decides.
19 REVENUE APPROVAL, REVENUE LIMITS, ARF OPTION AND AVC ENCASHMENT (1) (2) (3) (4) (5) (6) The Trustees will administer the Scheme in accordance with the terms of Revenue Approval from time to time and will not do anything to prejudice Revenue Approval.

Contributions to and benefits payable under the Scheme shall not be of such amount as would prejudice Revenue Approval.
This clause 19 overrides any provision in the Declaration of Trust or the Rules which would otherwise provide for payment of a benefit of an amount greater than the maximum permitted under the terms of Revenue Approval.

A Member may.
A Member may.

subject to any restriction in the Taxes Consolidation Act or to avoid prejudicing Revenue Approval, direct the Trustees to transfer an amount to him or an Approved Minimum Retirement Fund or after, if necessary, having made a transfer to an Approved Minimum Retirement Fund, to him or an Approved Retirement Fund.

The amount of transfer under clause 19(4) shall not exceed the amount determined by the formula in Section 772(3A) of the Taxes Consolidation Act.
The transfer (including any transfer which the Trustees are required to make to an Approved Minimum Retirement Fund) shall completely discharge the Trustees of all liability in respect of benefits under the Scheme appropriate to such transfers.

IN WITNESS WHEREOF this Deed was duly executed and delivered by the parties hereto the day and year first herein written.
r\ \ GIVEN under the common seal of EIRGRID PUBLIC LIMITED COMPANY Director GIVEN under the common seal of TRUSTEE DECISIONS LIMITED Pursuant to Regulation 17 of the European Communities (internal Market in Electricity) Regulations 2000 I approve Minister for Environment, Climate and Communications Dated Pursuant to Regulation 17 of the European Communities (Internal Market in Electricity) Regulations 2000 I consent Minister for Public Expenditure and Reform Dated SCHEDULE RULES OF THE EIRGRID RETIREWiSE DEFINED CONTRIBUTION PENSION SCHEME Established by the Declaration of Trust and constituted for the main purpose of the provision of relevant benefits as defined in Section 770 of the Taxes Consolidation Act in respect of service as an employee, being benefits payable to, or to the Dependants or personal representatives of, the Members.
1 DEFINITIONS In these Rules where the context so admits the following words and expressions shall have the following meanings: "Administrator" means the Administrator appointed under clause 7 for the purposes of the Taxes Consolidation Act.

"Approved Minimum Retirement Fund" has the meaning given in Section 770 of the Taxes Consolidation Act.

"Approved Retirement Fund" has the meaning given in Section 770 of the Taxes Consolidation Act.

"Associated Employer" has the meaning set out in Rule 9.
"Attributable Proceeds of the Fund" means a separate account held by the Trustees within the Fund on behalf of each Member representing on any date the then value as determined by the Trustees of; the amount contributed by the Member under Rule 3.1 the amount (if any) contributed by the Employer in respect of the Member under Rule 3.2 the amount of any transfer payment received in respect of the Member under Rule 11 and credited to the Attributable Proceeds of the Fund of the Member after providing for that Member's proportionate share of any expenses or liabilities of the Fund, but nevertheless a Member will not have any claim, right or interest upon to or in respect of his Attributable Proceeds of the Fund except under and in accordance with the provisions of the Declaration of Trust and the Rules.
"AVCs" means additional voluntary contributions and special contributions (if any) made by a Member under Rule 3.1(2).
"Beneficiary" means: (a) the spouse or Civil Partner of the Member or Life Assurance Only Member; (b) (c) (d) any person whom the Trustees consider was normally resident with the Member or Life Assurance Only Member at their death; any ancestors and descendants of the Member or Life Assurance Only Member or of the spouse or Civil Partner of the Member or Life Assurance Only Member; brothers, sisters, uncles and aunts (of the whole or the half-blood) of the Member or Life Assurance Only Member or the Member's or Life Assurance Only Member's spouse or Civil Partner and the descendants of any of them; (e) the spouses or Civil Partners following death of any person falling within paragraphs (c) and (d) above; (f) any step-child, a step-mother or a step-father of the Member or Life Assurance Only Member; (g) (h) (i) any person who having survived the Member or Life Assurance Only Member is or has been wholly or partly dependent upon the Member or Life Assurance Only Member for support or maintenance: any person or persons nominated in writing to the Trustees by a Member or Life Assurance Only Member as being a person who should be considered for the payment of benefits on his death; any person, charity, association, club, society or other body (including unincorporated associations and trustees of a separate trust) which the Member or Life Assurance Only Member nominated in writing to the Trustees: (i) any person (including unincorporated associations and trustees of a separate trust) entitled to any interest in the Member’s or Life Assurance Only Member's estate; and (k) the legal personal representatives of the Member or Life Assurance Only Member.
"Benefits on Death in Service" means the Lump Sum Death in Service Benefit and, where payable, the Dependant's Benefit.

"Civil Partner" has the meaning ascribed to it in the Civil Partnership and Certain Rights and Obligations of Cohabitants Act.

2010.

"Commencing Date" means the date on and from which the Scheme came into operation and effect which date is identified in the Declaration of Trust by reference to the designation "the Commencing Date".
"Declaration of Trust" means the Declaration of Trust to which these Rules are scheduled.

"Dependant” means the Member's spouse.

Civil Partner, Dependent Child or any other person who is or was at the date of the death of the Member wholly or substantially dependent upon the Member for the ordinary necessaries of life.
"Dependant's Benefit" means in respect of any Member or Life Assurance Only Member who dies in the service of an Employer before Normal Retirement Age and who has one or more Dependants who have been notified to the Employer as Dependants an additional lump sum equal to four times Salary payable in accordance with Rule 8(3).
"Dependent Child" means; (a) a lawful child of a Member; (b) a legally adopted child of a Member; (c) a step-child of a Member; (d) a child who in the opinion of the Trustee was treated or accepted by the Member as one of his family immediately prior to his death, who is under the age of 18 or over the age of 18 but under the age of 23 if in full-time education or vocational training or over the age of 18 if suffering from mental or physical disability to the extent that that person is unable to maintain themselves as an independent adult (as to which the decision of the Trustees shall be final).
Where all or part of the benefit payable to a Dependent Child is insured, a person shall only be treated as a Dependent Child where that person satisfies the requirements of the insurance policy in relation to such benefit.

A Dependent Child shall include a child en ventre sa mere at the relevant date.

In any case of doubt the decision of the Trustees as to whether a person is a Dependent Child shall be final.
"Electricity Regulations 2000" means the European Communities (Internal Market in Electricity) Regulations 2000.
"Eligible Employee" means an Employee who is aged over 18 and under Normal Retirement Age who: (a) (b) was in the Service of an Employer prior to the Commencing Date and is declared to be an Eligible Employee by his Employer with the agreement of the Principal Employer; or commences Service with the Employers on or after the Commencing Date PROVIDED THAT no person who is accruing long service benefits in any other retirement benefit scheme of the Employers may be an Eligible Employee save where he is deemed a Life Assurance Only Member in accordance with Rule 2(2)(b) for the purposes only of payment of benefits in respect of him in accordance with Rule 8.
"Employee" means an employee of the Employers who is ordinarily employed in Ireland but.

unless the Employer with the consent of the Principal Employer determines othenvise, excludes (a) agency workers or self-employed contractors or persons employed under or during vocational training or apprenticeship schemes or public training or retraining programme, (b) an employee of the Employers who works less than 20% of normal working hours.
The decision of the Employer as to whether a person is an Employee shall be final.

"Employers'" means the Principal Employer and any and every Associated Employer or such one or more of them as the context shall determine or the circumstances shall require and "the Employers" in relation to any Member means that one or more of the Employers in whose service the Member is at the relevant time.
"Exempt Approval" means the approval of the Scheme or other arrangement by the Revenue Commissioners as an exempt approved scheme in accordance with the Taxes Consolidation Act and "exempt approved" and "approval" shall be construed accordingly.

"€" means the euro.

"Family Law Acts" means either or both of the Family Law Act 1995 and the Family Law (Divorce) Act 1996.
"Final Remuneration" means the greatest of; (1) (2) (3) basic pay of the Member for any one of the five years preceding the relevant date (i.e.
the date of retirement, leaving service or death as the case may be) plus the average over a period of three years or such other period as the Revenue Commissioners will permit of any fluctuating emoluments which averaging must end on the last day of the year for which basic pay is taken for the purposes of this calculation, or the average of the Member’s total emoluments for any three or more consecutive years ending not earlier than 10 years before relevant date, or save only in a case which the Revenue Commissioners will not permit, the rate of basic pay at the relevant date or at any date within the previous year plus the average of any fluctuating emoluments calculated over a period of three years ending on the relevant date or over such other period as the Revenue Commissioners shall permit.
PROVIDED THAT: (i) (ii) for the purposes of calculating Final Remuneration where remuneration under (I) and (2) above is calculated by reference to a year or years other than the twelve months ending with the relevant date each such year’s remuneration may be increased in proportion to the increase in the cost of living as measured by the Consumer Price Index for the period from the end of the relevant year up to the relevant date.
no remuneration as a director for which the employee is accountable to any other person by virtue of any directorship or employment or which is treated for tax purposes as a receipt of a trade or profession carried on by him shall be included in his remuneration for the purposes of this definition.
"Fund" means the assets of the Scheme from time to time held by and or on behalf of the Trustees subject to the trusts of the Scheme established by the Declaration of Trust pursuant to Regulation 17(8) of the Electricity Regulations 2000.

"Incapacity" means physical or mental deterioration to a degree which, in the opinion of the Trustees, prevents the Member from following his normal employment or which seriously impairs his earning capacity and "Incapacitated" shall be construed accordingly.
"Life Assurance Only Member" means an Employee in Service who has not reached Normal Retirement Age (including an employee who is not otherwise an Eligible Employee) who has not become a Member but is admitted to the Scheme as a Life Assurance Only Member for Benefits on Death in Service in accordance with Rule 2(2)(b).

"Life Office" means any one or more life office authorised to carry on life assurance business in Ireland.
"Lump Sum Death in Service Benefit" means in respect of a Member or Life Assurance Only Member who dies in the service of an Employer before Normal Retirement Age an amount equal to four times Salary at the date of death or such other amount as may be notified to the Member by his Employers in writing from time to time payable in accordance with Rule 8.

"Member" means a person who is included in membership of the Scheme in accordance with Rule 2 but excludes a Life Assurance Only Member.
"Member's Explanatory Booklet" means the booklet issued to the Member by which the Member is notified of details of the Scheme and includes any subsequent notifications issued by the Trustees of any variations in such details.
"Ministerial Approval" means the approval of the Minister for Environment, Climate and Communications (or the relevant Minister in the event that, at any date after the date of the Declaration of Trust, it is not the said Minister) with the concurrence of the Minister for Public Expenditure and Reform (or the relevant Minister in the event that, at any date after the date of the Declaration of Trust, it is not the said Minister).

"Normal Retirement Age" means age 65.


"the Pensions Act" means the Pensions Act 1990 and shall be deemed to include any statutory amendment or re-enactment thereof and any regulations made thereunder for the time being in force.

"Personal Retirement Savings Account" means a Personal Retirement Savings Account as defined in Chapter 2A of Part 30 of the Taxes Consolidation Act.
"Principal Employer" means the person, persons or body corporate referred to in the Declaration of Trust as being the Principal Employer and identified therein by reference to the designation "the Principal Employer" or any company substituted for it under Rule 10.
"Qualifying Absence" means absence due to; (a) temporary transfer to the employment of a company which is a subsidiary of or is associated in business with the Principal Employer; (b) illness, accident or other incapacity; (c) service, with the consent of his Employer, with the armed forces or other work of national importance for Ireland or any allied country including secondment to a Government Department; (d) undergoing full-time education approved by his Employer; (e) any other reason to which his Employer consents; and which the Principal Employer agrees should be treated as Qualifying Absence provided that the period of absence does not exceed 36 months unless: (i) it is absence for one of the reasons listed in (a), (b) or (c); (ii) (iii) if the period of absence comes under (c).
the period after 36 months' absence will only count as Qualifying Absence if the Principal Employer and the Revenue Commissioners so agree; or it is absence agreed by the Principal Employer and the Trustees and may exceed 36 months without prejudicing Revenue Approval.
"Retained Lump Sum Benefits" means lump sums the Member has earned with previous employers and includes; (a) (b) lump sums received or receivable from any pension scheme including sums received or receivable in commutation of pension, and sums received or receivable in commutation of retirement annuities under contracts approved under Section 784 of the Taxes Consolidation Act PROVIDED THAT benefits at (a) and (b) may be ignored if they do not exceed €1,270 in total.
"Retained Pension Benefits" means benefits the Member has earned with previous employers and includes; (a) (b) (c) pensions, whether deferred or already in payment, including any part of a deferred pension which Is commutable the annuity equivalent of lump sums received or receivable, including any already received in commutation of pension, and where so required by the Revenue Commissioners, retirement annuities under Section 784 of the Taxes Consolidation Act in respect of previous self-employment or non- pensionable service PROVIDED THAT benefits at (a), (b) and (c) may be ignored if their annuity equivalent does not exceed €330 in total.
"Revenue Approval" means approval of the Scheme by the Revenue Commissioners for the purposes of Chapter 1, Part 30 of the Taxes Consolidation Act.

References to matters which may prejudice Revenue Approval are to any matters which may cause the Revenue Commissioners to withdraw their approval of a pension scheme under Chapter 1, Part 30 of the Taxes Consolidation Act.

'Rules" means this set of Rules and any amendments or additions thereto.
"Salary" at any time means the rate of basic salary of a Member at that time and.

for the avoidance of doubt, excludes any allowances and any bonus, commission, overtime and any other fluctuating elements of remuneration.

The decision of the Principai Employer as to what a Member’s Salary is at any time shall be final.

"Scheme" means the EirGrid RetireWise Defined Contribution Pension Scheme.
"Scheme Year" means the period from 1 January to 31 December each year, or such other period as the Trustees may decide.

"Service" means the last or only period of continuous employment with the Employers.

"Standard Fund Threshold" has the meaning assigned to it by Section 7870 of the Taxes Consolidation Act and shall be deemed for the purpose of these Rules to include the "personal fund threshold" as defined under the same section and Act.
"the Taxes Consolidation Act" means the Taxes Consolidation Act, 1997 and shall be deemed to include any statutory amendment or re-enactment thereof for the time being in force.

"Trustees" means the Trustee or Trustees for the time being of the Scheme.

2 MEMBERSHIP (1) Subject to such conditions as the Principal Employer may specify, an Eligible Employee may choose to become a Member in accordance with Rule 2(2)(a).
Where an Eligible Employee does not choose to become a Member when first permitted to do so, he shall only be entitled to be admitted as a Member at a subsequent date with the written agreement of the Principal Employer.
(2) An Employee who: (a) is an Eligible Employee who chooses to become a Member in accordance with Rule 2(1) shall become a Member with effect from: (i) (ii) the date his Employer shall advise him, subject to the agreement of the Principal Employer: or if he commences Service with the Employers on or after the Commencing Date, from the date on which he commences Services (unless the Principal Employer in its absolute discretion shall decide a later date, which is notified to such Employee and the Trustees).
(b) subject to the consent of their Employer, the Principal Employer and, where necessary, the Revenue Commissioners, is declared by his Employer to be eligible to become a Life Assurance Only Member, shall become a Life Assurance Only Member on the date and on such terms and conditions (if any) as his Employer may agree with the Trustees and notify to him PROVIDED THAT those terms and conditions do not provide for life assurance benefits which are greater than those payable to Members.
(3) (4) (5) Each Member and Life Assurance Only Member of the Scheme will be given written particulars of those features of the Scheme required to be given to him under the Pensions Act.

The benefits provided for under Rule 8 (other than benefits by reference to the value of all or part of the Attributable Proceeds of the Fund of a Member) shall only be payable in respect of a Member if, and to the extent that, the insurance necessary to provide any such benefit is in place.
An Eligible Employee who is admitted as a Member may only cease to be a Member if the Principal Employer so agrees in writing.
3 CONTRIBUTIONS 3.1 Member Contributions (1) Unless from time to time otherwise notified in writing by the Employer to the Member and the Trustees a Member shall contribute to the Scheme at whichever one of the following rates he elects: (a) 4% of Salary: (b) 6% of Salary; or (c) 8% of Salary, such contributions commencing on the date on which he is admitted to membership of the Scheme and shall be deducted periodically from salary or wages by the Employer and paid to the Trustees PROVIDED THAT a Member may be permitted to elect to switch the rate at which he makes contributions to the Scheme in accordance with the arrangements governing contribution rate switches as determined by the Trustees in agreement with the Principal Employer and advised to the Members from time to time.
A Member may elect to make AVCs in accordance with the arrangements governing AVCs determined by the Trustees from time to time.

A Member with the consent of the Trustees may make one or more special contributions to the Scheme provided that the Revenue Commissioners shall so permit.

Any such special contribution shall be deemed to be or form part of his AVCs for the purposes of these Rules.
A Member who is making AVCs under this Rule may elect to stop paying such AVCs or to reduce or increase such AVCs in accordance with the terms and conditions relating to same determined by the Trustees from time to time.
A Member shall not in any year pay contributions to the Scheme which when aggregated with total contributions by him to all other retirement benefits schemes would exceed such percentage of his remuneration (exclusive of such remuneration as is described in proviso (ii) of the definition of Final Remuneration) in respect of that year as the Revenue Commissioners shall approve from time to time except where a Member with the consent of the Trustees pays a special contribution to the Scheme.
Where Member's contributions are deducted by instalments from salary or wages at the end of each pay period they shall be paid by the Employer to the Trustees within 21 days of the end of the calendar month in which they are deducted.

A Member's contributions shall be deducted from salary or wages by the Employer in each pay period and paid to the Trustees.

No contributions shall be paid by a Member after leaving service or attaining Normal Retirement Age.
No Member shall pay Member's contributions which exceed any such limits as the Revenue Commissioners may specify from time to time.

The Trustees shall reduce, suspend or terminate a Member's contributions (including AVCs) at any time where such action is deemed by them to be necessary to avoid prejudicing Exempt Approval or to ensure that maximum Revenue limits on benefits are not exceeded.
(2) (3) (4) (5) 3.2 Employer Contributions (1) Unless from time to time otherwise notified in writing by the Employer to the Member and the Trustees, the Employer shall make contributions to the Scheme as follows: (a) in respect of a Member who elects to contribute at the rate set out in Rule 3.1(1)(a), the Employer shall contribute at a rate equal to 6% of Salary: (b) in respect of a Member who elects to contribute at the rate set out in Rule 3.1(1)(b), the Employer shall contribute at a rate equal to 9% of Salary; and (c) in respect of a Member who elects to contribute at the rate set out in Rule 3.1(1)(c), the Employer shall contribute at a rate equal to 11 % of Salary, such contributions commencing on the date on which the Member commences his contributions.
PROVIDED THAT for so long as a Member's contributions have been reduced, suspended or terminated in accordance with Rule 3.1(5) or are not otherwise payable under the Rules the Employer contributions under this Rule shall also be reduced, suspended or terminated in the same proportion for the same period, unless the Employers in their absolute discretion otherwise determine and notify the Trustees and the Member concerned.
(2) The Employer shall make such additional contributions as may be required (other than benefits by reference to the value of the Attributable Proceeds of the Fund of a Member) to meet the cost of insuring any of the benefits payable on death in service under Rule 8 (if any).
4 BENEFITS AT NORMAL RETIREMENT AGE (1) If a Member ceases to be in Service at Normal Retirement Age otherwise than by his death the Trustees shall, subject to clause 3(1), apply the Attributable Proceeds of the Fund or shall direct the Life Office to apply the proceeds of the relevant assurance or assurances relating to that Member, in the provision of one or more of the following benefits: (a) an annuity on the life of the Member, and/or (b) all or any of the following benefits: (i) (ii) (iii) (iv) a lump sum payable to the Member being a surrender of the whole or a part of his annuity under the Scheme an annuity on the life of a Dependant (not being a child) of the Member beginning on or after the Member's death an annuity or annuities in respect of any one or more of the Member's children beginning on or after the Member's death on the direction of the member, a cash sum immediately payable to the Member or for transfer to an Approved Retirement Fund or Approved Minimum Retirement Fund or to any other fund or arrangement approved for the purposes of the transfer by the Revenue Commissioners in accordance with the provisions of Clause 19(4), or (v) such other benefit as will not prejudice Exempt Approval and any such payment or benefit shall be effected by the Trustees in accordance with clause 15 PROVIDED THAT a Member shall be entitled at any time by notice in writing to the Trustees to waive irrevocably the option or right to elect to surrender the whole of his entitlements under the Scheme for a lump sum as described in this Rule.
(2) An annuity on the life of the Member may be expressed to be guaranteed for any period not exceeding ten years to the effect that if the Member dies before his annuity has been paid to him for the guaranteed period the annuity shall for the remainder of that period be payable to the person nominated by the Member, the Member's legal personal representatives or to such Dependant of the Member as the Trustees in their discretion shall decide.
(3) Where an annuity on the life of the Member is expressed to be guaranteed as described in Rule 4(2) for a period not exceeding five years the annuity may further provide that a lump sum payment may be made on the Member's death within the guaranteed period in lieu of and not exceeding the further instalments of the annuity which would have been payable if he had lived to the end of the guaranteed period.
(4) (5) (6) Subject to Rules 4(1 )<b)(i), 4(2) and 4(3) an annuity on the life of the Member or of a Dependant or in respect of a child will be non-commutable and non-assignable.
Any children's annuity will be paid according as the Trustees determine to the child or to any one or more of the children in respect of whom it is provided or to such person as is in the opinion of the Trustees best fitted for that purpose to be held or used by such person for the maintenance support and benefit of any one or more of such children and the receipt of such person shall be a full discharge to the Trustees.
A children's annuity will cease on the date of the happening of the contingency agreed between the Trustees and the Member, provided that the Life Office will assure such contingency and such contingency complies with Revenue limitations.

An annuity on the life of the Member or of a Dependant or in respect of a child may be such that it shall be increased by way of increment on each anniversary of the date on which it commenced to be payable for so long as it continues to be payable.
The rate of increase shall be such percentage as the Trustees and the Member shall agree subject to the limitation of the Revenue Commissioners that the increase on an annuity shall not exceed the rise in the cost of living over the period of payment as measured by the Consumer Price Index or any other suitable index agreed by the Revenue Commissioners and to any other limitations of the Revenue Commissioners.
(7) The amount of the annuity on the life of the Member on retirement at Normal Retirement Age (after taking into account all corresponding benefits to which he is entitled under other retirement benefits schemes of the Employers and any Retained Pension Benefits) must not exceed the amounts set out below: (a) two-thirds of the Member's Final Remuneration, or (b) where the Member's number of completed years of service with the Employers at Normal Retirement Age is less than forty, one-sixtieth (or such higher fraction as the Revenue Commissioners will approve) of the Member's Final Remuneration for each year of service with the Employers.
(8) (9) The amount of the lump sum (after taking into account all other lump sum benefits to which the Member is entitled under other retirement benefits schemes of the Employers and any Retained Lump Sum Benefits) must not exceed three-eightieths of the Member's Final Remuneration for each year of service with the Employers subject to a maximum of forty years (or such higher amount as the Revenue Commissioners will approve).
The amount of any Dependant's annuity or any children's annuity (after taking into account all corresponding benefits (i) payable in respect of the Member under other retirement benefits schemes of the Employers or (ii) where the Revenue Commissioners so require derived from retirement benefits schemes or from contracts approved under Section 784 or 785 of the Taxes Consolidation Act relating to earlier employments and exceeding €330 per annum) must not exceed the maximum pension which could be provided for the Member under these Rules plus any post­ retirement increases.
(10) The aggregate amount of all Dependant's annuities and children's annuities (after taking into account all corresponding benefits (I) payable in respect of the Member under other retirement benefits schemes of the Employers or (ii) where the Revenue Commissioners so require derived from retirement benefits schemes or from contracts approved under Section 784 or 785 of the Taxes Consolidation Act relating to earlier employments and exceeding €330 per annum) must not exceed the maximum pension which could be provided for the Members under these Rules plus any post-retirement increases.
(11) The maximum amount of the Member's annuity is reduced by the annuity equivalent of any lump sums paid or payable to that Member under these Rules or under any other retirement benefits scheme of the Employers and where the Revenue Commissioners so require by any Retained Pension Benefits.
(12) Subject to the Revenue Commissioners' restrictions on the maximum permissible annuity as described in Rule 4(7) the lump sum payable under the Scheme is not restricted to any maximum if the amount of the annuity which would be provided by the application to the purchase thereof of the Attributable Proceeds of the Fund or the whole of the proceeds of the relevant assurance or assurances relating to that Member would (together with all corresponding benefits including the annuity equivalent of lump sums received or receivable under other retirement benefits schemes of the Employers) be less than €330 per annum or if the Member is in an exceptional state of serious ill-health.
5 BENEFITS AFTER RETIREMENT (1) (2) (3) (4) If the Member remains in the Service of the Employers after Normal Retirement Age and ceases to be in Service at a later date otherwise than by his death the Trustees shall apply the Attributable Proceeds of the Fund or shall direct the Life Office to apply the proceeds of the relevant assurance or assurances relating to that Member in the provision of the benefits as described in Rule 4 except that these benefits shall be provided at his later date of retirement instead of at his Normal Retirement Age.
If the Member continues in Service after Normal Retirement Age he may elect in lieu of waiting to receive his benefits at his later date of retirement as described in (I) of this Rule to receive at Normal Retirement Age or at any date between Normal Retirement Age and his later date of retirement either his lump sum, or his annuity and lump sum, benefits to which he would have been entitled under the Scheme if he had retired rather than defer all benefits until actual retirement.
In such circumstances the Trustees shall apply the Attributable Proceeds of the Fund or shall direct the Life Office to apply the proceeds of the relevant assurance or assurances relating to that Member accordingly.

Rules 4(2), 4(3), 4(4), 4(5) and 4(6) will apply also in respect of annuities payable under (1) and (2) of this Rule.
The amount of the annuity on the life of the Member on retirement after Normal Retirement Age (after taking into account all corresponding benefits to which he is entitled under other retirement benefits schemes of the Employers and any Retained Pension Benefits) must not exceed the maximum amount which could have been paid to him had he retired at Normal Retirement Age actuarially increased to have regard to the period of deferment or such greater amount as may be permitted by the Revenue Commissioners.
(5) Rules 4(8), 4(9), 4(10), 4(11), 4(12) and 4(13) apply also to benefits payable under this Rule.
6 BENEFITS ON RETIREMENT BEFORE NORMAL RETIREMENT AGE (1) If a Member ceases otherwise than by his death to be in service before Normal Retirement Age but not earlier than his 50th birthday unless cessation of service is on account of ill-health or disablement, no further contribution or premium under any assurance or assurances effected in respect of him shall be paid, unless the Employers decide otherwise, and the Trustees will if the Member so requires elect in lieu of the benefits payable under Rule 7 and subject always to (2) and (3) of this Rule to apply the Attributable Proceeds of the Fund or the proceeds of the relevant assurance or assurances relating to that Member in accordance with Rule 4 except that such application shall be at his earlier date of cessation of service instead of at his Normal Retirement Age.
Any decision by the Employers regarding the continuance of premiums shall be subject to the terms of the assurance or assurances effected in respect of the Member ceasing service.
(2) The amount of the annuity on the life of the Member in the event of cessation of service under (I) of this Rule (after taking into account all corresponding benefits and the annuity equivalent of lump sums received or receivable to which he is entitled under other retirement benefits schemes of the Employers and any Retained Pension Benefits) must not exceed the greater of: (a) (b) one-sixtieth of the Member's Final Remuneration for each year of service with the Employers subject to a maximum of forty years, or such proportion of the amount which would be applicable under Rule 4(7) if the Member had remained in the service of the Employers until Normal Retirement Age as the number of years of service with the Employers completed bears to the number of years between the date of entry into service with the Employers and Normal Retirement Age any years in excess of forty being disregarded, or (c) such greater amount as the Revenue Commissioners may permit from time to time.
PROVIDED THAT if the Member is retiring on account of ill-health or disablement before Normal Retirement Age the maximum applicable shall be calculated as if he had remained in the service of the Employers until Normal Retirement Age.
(3) The amount of the lump sum in the event of cessation of service under (1) of this Rule (after taking into account all other lump sum benefits to which the Member is entitled under other retirement benefits schemes of the Employers and any Retained Lump Sum Benefits) must not exceed the greater of: (a) (b) three-eightieths of the Member's Final Remuneration for each year of service with the Employers subject to a maximum of forty years, or such proportion of the amount which would be applicable under Rule 4(8) if the Member had remained in the service of the Employers until Normal Retirement Age as the number of years of service with the Employers completed bears to the number of years between the date of entry into service with the Employers and Normal Retirement Age any years in excess of forty being disregarded, or (c) such greater amount as the Revenue Commissioners may permit from time to time.
PROVIDED THAT if the Member is retiring on account of Incapacity before Normal Retirement Age the maximum applicable shall be calculated as if he had remained in the service of the Employers until Normal Retirement Age.
(4) Provided that the Trustees are not required so to apply the Attributable Proceeds of the Fund or the proceeds of the relevant assurance or assurances relating to that Member if the Member has ceased to be in service by dismissal therefrom for dishonesty misconduct or breach of duty or has himself withdrawn from service to avoid such dismissal or in other circumstances in which the Employers were by reason of his conduct entitled to terminate his employment summarily except to the extent that such proceeds are attributable to any Member's contributions or to such greater extent as is agreed between the Member the Employers and the Trustees or the Trustees so decide PROVIDED THAT this Rule is subject to Part III of the Pensions Act.
7 WITHDRAWAL FROM SERVICE BEFORE NORMAL RETIREMENT AGE (1) If a Member ceases otherwise than by his death to be in service before Normal Retirement Age no further contribution or premium under any assurance or assurances in relation to that Member shall be paid, unless the Employers decide otherwise, and if he is not entitled to a benefit under Rule 6 he may be entitled to a benefit under this Rule.

Subject to Sections 30.
31 and 32 of the Pensions Act any such entitlement to benefit shall be determined in accordance with his Member’s Explanatory Booklet and any such benefit shall consist of either: (a) (b) an immediate payment of the Attributable Proceeds of the Fund or the proceeds of any assurance effected with the Life Office in respect of that Member relevant to that Member's contributions under the Scheme which payment represents a repayment of that Member's contributions under the Scheme and which payment is reduced by an amount equal to that for which the Administrator is liable to the Revenue Commissioners upon making such payment, or the application by the Trustees on the Member's retirement date of all or a specified part of the Attributable Proceeds of the Fund or the proceeds of any assurance or assurances relating to that Member in accordance with Rule 4 and the other provisions of these Rules but subject always to any limitations of the Revenue Commissioners applying to benefits of a Member who retires prior to Normal Retirement Age.
For this purpose "retirement date" shall mean whichever of the following dates the Trustees shall decide: (i) Normal Retirement Age, or (ii) (iii) (iv) a date earlier than Normal Retirement Age on which that Member could have received a benefit under Rule 6, or that Member’s normal retirement age under his last employer’s retirement benefits scheme, or a date later than (i) and (iii) provided that Member is still in employment but not later than his 70th birthday.
(2) If the Member who is entitled to a benefit as described in (1)(b) above dies before the application of the proceeds as described in (1)(b) then the Trustees will apply such proceeds in accordance with Rule 8 as if that Member had died in service.

(3) Rule 6(4) shall apply in respect of benefits payable under (1)(b) of this Rule.
(4) Any decision by the Employers as referred to in (1) of this Rule regarding the continuance of premiums shall be subject to the terms of the assurance or assurances effected in respect of the Member ceasing service.
8 BENEFITS ON DEATH IN SERVICE (1) Lump Sum Death in Service Benefit (a) On the death while in the Service of the Employers on or before Normal Retirement Age of a Member the following shall be paid in a lump sum to or for the benefit of such one or more of the Beneficiaries of the deceased Member in such manner and in such shares as the Trustees in their absolute discretion shall decide: (i) an amount equal to the Lump Sum Death in Service Benefit; and (ii) the Attributable Proceeds of the Fund.
(b) On the death while in the Service of the Employers on or before Normal Retirement Age of a Life Assurance Only Member an amount equal to the Lump Sum Death in Service Benefit shall be paid in a lump sum to or for the benefit of such one or more of the Beneficiaries of the Life Assurance Only Member in such manner and in such shares as the Trustees in their discretion shall decide.
PROVIDED THAT any balance of the said amounts remaining unpaid or unapplied as aforesaid after the expiration of a period of two years from the date of the Member's or Life Assurance Only Member's death shall be paid to the Member's or Life Assurance Only Member's legal personal representatives but no payment shall be made to the legal personal representatives if it would pass to the State as ultimate intestate successor.
PROVIDED ALSO THAT this shall be subject to the provisions of clause 7 and Rule 2(4) PROVIDED FURTHER THAT in respect of a Member or Life Assurance Only Member who is employed in or remains in the service of an Employer on or after Normal Retirement Age, the Lump Sum Death in Service Benefit shall be nil.

(2) The lump sum under Rule 8(1) may not exceed Revenue limits.
Any excess over this amount shall be applied to purchase from a Life Office a non-commutable and non-assignable annuity for such one or more of the Member's or Life Assurance Only Member's Dependants and in such shares as the Trustees in their absolute discretion shall determine except that no such annuity or annuities shall be of an amount which would prejudice Exempt Approval.
(3) Dependant's Benefit (a) On the death while in the service of the Employers on or before Normal Retirement Age of a Member or a Life Assurance Only Member the Trustees shall pay or apply any part of the Dependant's Benefit at such time or times and in such manner for the benefit of any one or more of the Member's or Life Assurance Only Member's Dependants or to his legal personal representatives in such manner and in such shares in any such case as the Trustees in their absolute discretion shall decide; PROVIDED THAT any balance of the said amounts remaining unpaid or unapplied as aforesaid after the expiration of a period of two years from the date of the Member's or Life Assurance Only Member's death shall be paid to the Member's or Life Assurance Only Member's legal personal representatives but no payment shall be made to the legal personal representatives if it would pass to the State as ultimate intestate successor.
PROVIDED ALSO THAT this shall be subject to the provisions of clause 7 and Rule 2(4) PROVIDED FURTHER THAT in respect of a Member or Life Assurance Only Member who is employed in or remains in the service of an Employer on or after Normal Retirement Age, the Dependant's Benefit shall be nil.
Any moneys so to be applied for the benefit of such one or more of the Dependants shall, if the Trustees so direct, be applied in the purchase of a pension or pensions on the life or lives and for the benefit of such one or more of them or be transferred to trustees to be held upon trust for such one or more of the Dependants in such manner and in such shares in any such case as the Trustees in their absolute discretion shall direct.
In making any payment or application under (3)(b), the Trustees shall be entitled to rely upon the advice of the Employer that any person to or for whose benefit any sum is to be so paid or so applied is a Dependant and in making any such transfer to trustees under (3)(b) (b) (c) the Trustees shall be entitled to rely upon the certificate of any solicitor or firm of solicitors to the effect that the trusts upon which any moneys so transferred will be held are such that the said moneys must necessarily be paid to or applied for the benefit of one or more of the Dependants.
(4) (5) The Trustees may determine that some or all of the benefits payable under this Rule 8 should be underwritten by a Life Office and, in order that the benefits may be underwritten upon terms which the Trustees consider reasonable, they may from time to time determine that, the benefits should be payable only to the extent and upon the terms and conditions which they specify.
For the purposes of this Rule 8, if so requested by the Trustees, evidence of health and insurability and details of any climatic, occupational or other special hazards to which a Member or Life Assurance Only Member may be subject shall be furnished to the satisfaction of the Trustees by each Member or Life Assurance Only Member when he first joins the Scheme and on each occasion when he re-joins the Scheme or, if the Trustee so requires, when he qualifies for an increase in benefit under this Rule.
Failing evidence as aforesaid or where the Member or Life Assurance Only Member is subject to any special hazards, no benefit shall be payable under this Rule, or the amount of benefit payable shall be modified as the Trustees decide.

(6) If the benefit or part thereof under this Rule 8 cannot be paid as described it shall be retained by the Trustees for the purposes of the Scheme.
9 ASSOCIATED EMPLOYERS AND EMPLOYER CONSENT Any company, person or firm which is: (a) associated in business with, or which directly or indirectly controls, the Principal Employer, or (b) directly or indirectly controlled by the Principal Employer or by another company, person or firm as specified at paragraph (a) of this Rule; and which, subject to Ministerial Approval and with the consent of the Principal Employer and of the Revenue Commissioners, executed a Deed of Adherence by which that company, person or firm adheres to and is included in the Scheme and agrees to be bound by the Declaration of Trust and the Rules shall be admitted as an Associated Employer (Associated Employer) in respect of such one or more of its employees as specified in the Deed of Adherence subject always to Rule 13.
10 TAKEOVER BY NEW EMPLOYER If the Principal Employer is wound up or ceases to carry on business or the Principal Employer has no longer in its employment any Members, or the Principal Employer so wishes, then, subject to Ministerial Approval, any Associated Employer or other person or firm employing a member of the Scheme (hereinafter called in this Rule the "New Principal Employer") may agree with the Principal Employer that the Scheme shall thereafter have effect as if the New Principal Employer were the Principal Employer.
In the event of such an agreement if the assurance or assurances are vested in the Principal Employer they shall become vested in the New Principal Employer subject to the prior approval of the Revenue Commissioners and to any changes which may be necessary herein or in the Declaration of Trust for this purpose.
Unless agreed otherwise, the Principal Employer will have no further liability under the Scheme except to the extent that it continues as an Associated Employer or in respect of contributions and the Rules in respect of the period up to the date with effect from which the New Principal Employer assumes its role under the Scheme.
11 TRANSFERS (1) Subject to Part III of the Pensions Act if a Member is entitled to benefit under another retirement benefit scheme, a policy or contract of assurance effected on behalf of the member with one or more Life Offices or under a Personal Retirement Savings Account (together in this Rule 11(1) called the Other Scheme) the Trustees may accept a transfer from the trustees of the Other Scheme or from other persons having the necessary power under the Other Scheme of ail or part of the assets of the Other Scheme relating to that Member upon the footing that that Member shall subject to any limitations necessary to secure the continued approval of the Scheme by the Revenue Commissioners be entitled or contingently entitled to such rights and benefits under the Scheme as the Trustees may in their discretion arrange with the trustees of the Other Scheme or other persons as aforesaid.
PROVIDED ALWAYS that the Trustees shall obtain confirmation of the extent (if any) to which such transfer arises from contributions may by the Member and such transfer to the extent so specified and subject to any arrangement with the trustees of the Other Scheme or other persons as aforesaid shall be deemed to be made by the Member for the purposes of the Rules.
(2) The Trustees may subject to Part III of the Pensions Act and the approval of a Member transfer: (a) (b) (c) (d) to the trustees or other persons having the necessary powers thereunder of another retirement benefits scheme, in which the Member participates, which scheme is treated by the Revenue Commissioners as an exempt approved scheme pursuant to Section 774 of the Taxes Consolidation Act, or is a retirement benefits scheme approved for the purposes of this Rule 11(2) by the said Commissioners, or to a policy or contract of assurance effected on behalf of the Member with one or more Life Offices, or to the provider of a Personal Retirement Savings Account which the Member has established with that provider subject to the conditions prescribed at law for such a transfer, or to a scheme which is not a funded scheme, which provides or is capable of providing a long service benefit, the trustees of which are willing to accept payments so made, or where so prescribed by law and in accordance with any conditions prescribed, to another arrangement for the provision of retirement benefits established within or outside the State (together in this Rule 11 (2) called the Other Scheme) all or part of the assets of the Scheme relating to that Member upon the footing that that Member shall be entitled or contingently entitled under the Other Scheme to such benefits in respect of such transfer as the Trustees may arrange with the trustees of the Other Scheme or other persons as aforesaid.
PROVIDED ALWAYS that: (i) the Member shall not thereafter be entitled to any benefits under the Scheme, and (ii) (iii) 12 TAX the Trustees shall not have any further responsibility in respect of such benefits or arising from such assets after such transfer shall be made, and any prohibition on a refund of contributions to the Member herein shall be maintained in the Other Scheme.
(1) The Trustees shall deduct from any payment paid under or payment paid from the Scheme or reduce the benefits payable under the Scheme or a Member's Retirement Account or the amount to be paid or applied under or from the Scheme for any person's benefit on account of any tax, levy (including for the avoidance of doubt any levy or duty payable under Section 125B of the Stamp Duties Consolidation Act, 1999) or other imposition of any kind for which they may be liable in respect of it or for which they may be liable in respect of the Scheme.
The Trustees may withhold all or part of any payment under the Scheme payable on the death of a Member unless they are satisfied that adequate provision has been made for payment of ail tax or duty payable on the Member's death or they are not accountable for any such tax or duty.
The Trustees may apply any monies withheld or the value of any reduction in benefit or the amount to be paid or applied for the benefit of any person under this Rule 12 to the payment of any tax or duty for which they are accountable.

(2) (3) 13 DISCONTINUANCE The Employers may at any time by notice in writing to the Trustees discontinue payment of contributions or premiums under the assurance or assurances relating to any Member.
If the Employers discontinue payment of contributions or premiums, the Attributable Proceeds of the Fund or any proceeds of the assurance or assurances relating to each Member will continue to be held under the relevant trusts and or policy or policies of assurance for application in accordance with these Rules.
PROVIDED ALWAYS that if there shall be any change in the degree of association between an Associated Employer and the Principal Employer as a consequence of which the Revenue Commissioners indicate that their approval of the Scheme would be adversely affected by the continued participation of such Associated Employer that Associated Employer shall discontinue payment of premiums under the assurance or assurances relating to the Members in its employment.
14 BENEFITS IN EXCESS OF REVENUE LIMITS The Attributable Proceeds of the Fund and or proceeds of any assurance or assurances shall be applied to provide benefits in accordance with these Rules for the Member or his Dependants or children or such other persons as described herein but subject to the maximum limits imposed by the Revenue Commissioners Provided always that if any such proceeds cannot be applied in this way and with the approval of the Revenue Commissioners they will revert to the Employers or otherwise at the direction of the Principal Employer may be retained in the Fund and be appropriated by the Trustees in whole or in part to discharge any of the obligations of the Employers under the Declaration of Trust and the Rules and.
if appropriated to secure retirement benefits in respect of any Member, shall be deemed to be a contribution made by the Employer in respect of that Member.

15 WINDING UP (1) As soon as may be after the day upon which the first of the events specified in clause 10 occurs (in this Rule called the "Winding Up Date") the Attributable Proceeds of the Fund and or the assurance or assurances relating to each Member shall be realised.
The Trustees shall, out of the proceeds so realised and the other moneys in hand (if any), reserve the amounts which they consider necessary to meet any costs, fees, charges and expenses of or incidental to the administration, management and determination of the Scheme which in their opinion may not be recoverable from the Employers and discharge the liabilities of the Scheme, other than liabilities to or in respect of Members, former Members, and the Employers.
The amount available in respect of each Member shall be: (a) applied to provide benefits for the Member in accordance with the Rules, or (b) if the Trustees think fit, transferred to one or more of the persons, policies or schemes referred to in Rule 11 (2)(a), (b), (c) or (d).

provided that in the circumstances provided in Section 48(3) of the Pensions Act, the Trustees may make such a transfer without the consent of the Member concerned.
(2) If by reason of the application of clause 3(1) or otherwise, any sum remains unapplied, it shall be paid to the Employers in such proportions as the Trustees on the advice of the Scheme actuary or pension consultant determine to be equitable.

16 HEADINGS Clause and Rule headings and the contents pages are for convenience of reference only and are not to be construed as part of the Declaration of Trust or the Rules.
17 STANDARD FUND THRESHOLD If a Member is affected by the Standard Fund Threshold, and regardless of whether or not Rule 2(4) has become applicable to the Member, the Member may; (a) with the consent of the Trustees, (b) by giving notice in writing to the Trustees before the payment of any benefit under these Rules, and (c) subject always to clause 3 and Rule 14, elect to surrender at the date any part of the benefit that becomes payable, all or a part of the Member's entitlement under the Scheme to the extent necessary to discharge some or all of the tax arising on the Member's entitlement under the Scheme pursuant to Chapter 2C of Part 30 of the Taxes Consolidation Act, on a basis to be determined by the Trustees and notified to such Member.
The Trustees and the Principal Employer shall have no duty to advise any Member in relation to an election under this Rule, nor (whether or not they have advised the Member) any liability to any Member in consequence of the Member making or not making an election under this Rule.
18 PAYMENT WITHOUT REPRESENTATION in any case where representation has not been taken out to the estate of a deceased person, any sum or sums not exceeding in the aggregate €25,000 payable by the Trustees to the legal personal representatives of the deceased may at the absolute discretion of the Trustees be paid to the spouse.

Civil Partner or any relative or Dependant of the deceased and any payments so made shall be a complete discharge to the Trustees for the moneys so paid.