PART VIII

Amendments to Pensions Act

60. —The Pensions Act is hereby amended by the insertion after section 20 of the following section:

“Borrowing by Board.

20A.— The Board may, for the purpose of providing for current or capital expenditure, from time to time, borrow money (whether on the security of the assets of the Board or otherwise), including money in a currency other than the currency of the State, subject to the consent of the Minister and the Minister for Finance and to such conditions as they may determine.”.

61. —Section 37 of the Pensions Act is hereby amended by the insertion of the following subsection after subsection (4):

“(5) This Part shall not apply to a scheme established under the Defence Forces (Pensions) Acts, 1932 to 1975.”.

62. —Section 55 of the Pensions Act is hereby amended by the substitution for subsection (2) of the following subsection:

“(2) Subsection (1) of this section shall not apply to—

(a) a scheme, the only benefit under which is in respect of death prior to normal pensionable age, or

(b) a scheme, the members of which have been notified in writing by the trustees that service by a member in the relevant employment after the date of the notification does not entitle the member to long service benefit.”.

63. —Section 56 of the Pensions Act is hereby amended by the substitution for subsection (6) of the following subsection:

“(6) (a) Subsection (1) and paragraphs (a) and (b) of subsection (2) shall not apply to—

(i) a scheme that is not a funded scheme, or

(ii) a scheme, the only benefit under which is in respect of death prior to normal pensionable age, or

(iii) a scheme, the members of which have been notified in writing by the trustees that service by a member in relevant employment after the date of the notification does not entitle the member to long service benefit under the scheme.

(b) Paragraph (c) of subsection (2) shall not apply to—

(i) a scheme that is a defined contribution scheme, or

(ii) a scheme that is not a funded scheme, or

(iii) a scheme the only benefit under which is in respect of death prior to normal pensionable age, or

(iv) a scheme, the members of which have been notified in writing by the trustees that service by a member in relevant employment after the date of the notification does not entitle the member to long service benefit under the scheme.”.

64. —Paragraph 4 (b) of the Third Schedule to the Pensions Act is hereby amended—

(a) by the substitution in clause (i) of “clause (ii)” for “clause (iii)”, and

(b) by the substitution for clauses (ii) and (iii) of the following clause:

“(ii) in the case of a defined benefit scheme where the rate or amount of part of the long service benefit payable thereunder is directly determined by an amount of contribution paid by or in respect of the member of the scheme—

(I) in so far as it relates to such part of the long service benefit, a benefit whose actuarial value is equal to the then accumulated value of the contributions paid by or in respect of the member of the scheme for the purpose of long service benefit prior to the commencement of Part IV, and

(II) in so far as it relates to the remaining part of long service benefit, a benefit calculated in accordance with clause (i).”.