TRANSPORT (AMENDMENT) ACT (NORTHERN IRELAND) 1971 - SECT 2 Schemes for securing future payment of pensions to former employees of Ulster Transport Authority.

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TRANSPORT (AMENDMENT) ACT (NORTHERN IRELAND) 1971 - SECT 2

Schemes for securing future payment of pensions to former employees of Ulster Transport Authority.

2.(1) The Holding Company may, after consultation with the staff associations
or trade unions representing the members of any pension fund in relation to
which the Holding Company has by virtue of section 68 of the Transport Act
(Northern Ireland) 1967 become subject to obligations in respect of pensions
to former employees of the Authority, prepare and submit to the Ministry a
Scheme or Schemes for securing the future payment of pensions to
former employees of the Authority who are members of that fund.

(2) Nothing in any such Scheme shall adversely affect the rights of any person
under the rules of any such fund as aforesaid.

(3) A Scheme shall not be submitted to the Ministry under subsection (1)
unless a two-thirds majority of the members of any fund affected by that
Scheme has, by secret ballot, approved the proposals in the Scheme.

(4) Where the Ministry is satisfied that a Scheme submitted to it under
subsection (1) has been prepared and approved in accordance with the foregoing
provisions of this section and will enable the Holding Company to discharge
more efficiently its obligations mentioned in subsection (1), the Ministry
shall, by regulations subject to affirmative resolution, approve the Scheme.

(5) As from such date as the Ministry approves a Scheme under subsection (4),
the rights of any former employee of the Authority under the rules of any fund
affected by the Scheme shall be subject to the provisions of the Scheme.

(6) The Holding Company shall guarantee the rights of any person under a
Scheme approved under subsection (4).

(7) Any grant paid to the Holding Company under section 1 may be applied by it
for the purpose of enabling it to meet any obligations imposed on it by any
Scheme approved under subsection (4).

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Northern Irish Legislation

TRANSPORT (AMENDMENT) ACT (NORTHERN IRELAND) 1971 - SECT 2