Central Bank and Financial Services Authority of Ireland Superannuation Scheme 2008
Statutory Instruments
Source: Statutory Instruments

num: 1
paragraphs: This scheme may be cited as the Central Bank and Financial Services Authority of Ireland Superannuation Scheme 2008.
num: 2
paragraphs: This scheme shall commence with effect from 1 October 2008.
num: 3
paragraphs: (1) In this scheme save where the context otherwise requires,
(2) Throughout this Scheme, unless the context otherwise requires,
(i) words importing the singular number shall be construed as including the plural and vice versa, and
(ii) all references to an Act or Acts refer to Statutes passed by the Oireachtas of Ireland or to Statutes continued in force pursuant to Article 50 of the Constitution of Ireland and such references shall be deemed to include any statutory amendment or re-enactment of any such Statute for the time being in force.
num: 4
paragraphs: (1) With effect from 1 October 2008, and following the establishment of the Scheme, the Central Bank of Ireland Superannuation Scheme, being a scheme continued by section 33AH of the Central Bank Act, shall merge with the Scheme. Consequent upon the merger, the entitlements in respect of persons who have accrued rights under the Central Bank of Ireland Superannuation Scheme as so continued under section 33AH of the Central Bank Act shall be determined solely in accordance with the Scheme, so however that such persons shall have benefits under the Scheme, as merged by this rule 4, that are no less favourable than under the Central Bank of Ireland Superannuation Scheme so continued.
(2) The Scheme as merged shall be cited as the Central Bank and Financial Services Authority of Ireland Superannuation Scheme 2008.
num: 5
paragraphs: (1) This rule 5 applies to and in respect of the following persons:
(i) the Governor and former Governors (as defined in section 2(1) of the Central Bank Act, 1942 )
(ii) directors and former directors of the Bank
(iii) members and former members of the Irish Financial Services Regulatory Authority
(iv) employees and former employees of the Bank.
(2) Subject to compliance with all relevant legislation, there shall be admitted to the Scheme as members such of the persons to whom this rule applies as the Bank may decide and in respect of such service rendered by such members as may from time to time be approved by the Bank,
(a) there may be granted under this scheme either to the members themselves on retirement, or on their death to their legal personal representatives or to their dependants such superannuation and other allowances, pension increases or gratuities, (in this rule referred to as “the benefits”), and
(b) the members shall pay to the Scheme such contributions,
(3) The benefits and contributions arising under rule 5.2 shall be paid in accordance with and subject to the provisions of the rules of the Scheme and the Civil Service Rules. In determining the Civil Service Rules that apply, benefits in respect of a member shall be calculated under the Civil Service Rules in force at the date of the member’s cessation of membership of the Scheme except to the extent that changes to the Civil Service Rules subsequent to that date retrospectively affect the calculation of benefits of an established or unestablished employee as the case may be in the Civil Service whose membership ceased on that date. Contributions shall be calculated under the Civil Service Rules as are in force at the time the contributions are payable.
(4) The Bank shall decide upon the eligibility for membership of the Scheme. The Bank shall notify an employee of his or her admission to membership of the Scheme and whether he or she is employed in an established or unestablished capacity. The Bank shall furnish him or her with a copy of the terms of the Scheme.
num: 6
paragraphs: Subject to all relevant legislation, the trustees of the fund shall from the fund pay the superannuation benefits set out in rule 5 to or in respect of the persons selected under rule 5 for such superannuation benefits on their retirement or death.
num: 7
paragraphs: The Governor shall act as Administrator of the Scheme for the purposes of Chapter 1 of Part 30 of the Taxes Consolidation Act unless or until the Bank shall appoint some other person or persons to be the Administrator of the Scheme and to discharge those duties.
num: 8
paragraphs: (1) The Governor may, and shall, if so required by Part XI of the Pensions Act, establish procedures for dealing with complaints made by, and resolving disputes arising between such persons and in relation to such matters concerning the Scheme as may be prescribed under Part XI of the Pensions Act or in the absence of such prescription, as the Governor shall decide.
(2) The decision of the Governor shall be conclusive and binding upon all parties in respect of any procedure under Rule 8.1 to the extent permitted by law, and in respect of any point of doubt which may arise in connection with the Scheme. In any case not provided for by the Scheme, the Governor may offer or agree to any terms, and generally act in any way, which appears to him or her to be fair and just, having regard to the main purpose of the Scheme and its proper and efficient administration.