R E T I R E M E N T
S O L U T I O N
PLAN
Declaration of Trust and
Rules of the
Retirement Benefits Scheme

NOTE ON COMPLETION OF THE
DECLARATION OF TRUST
The attached Declaration of Trust should only be completed where:
(i) the Employer is a registered company, and
(ii) the Employer is to act as sole Trustee
The Declaration of Trust is completed by entering the date, name and registered office of the Employer, the title and Commencing Date of the Scheme on pages 1 and 2 and by signing and sealing it on pages 9 and 10.

DECLARATION OF TRUST
THIS DECLARATION is made the day of 20
BY whose registered office is situate at
(hereinafter called the "Principal Employer" which expression includes 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).
WHEREAS:
(A) The Principal Employer has determined to establish under irrevocable trusts a retirement benefits scheme to be known as the
Retirement Solution Plan (herein called the "Scheme") for such employees of the
Principal Employer and Associated Employers as are or shall be included therein in accordance with the provisions of the Scheme.
(B) The Principal Employer has decided to act as trustee of the Scheme.
(C) The Trustees have requested or are about to request the Life Office to grant an assurance or assurances to provide the benefits under the Scheme.
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NOW IT IS HEREBY WITNESSED AND DECLARED AS FOLLOWS:-
1. The Scheme is hereby established by the Principal Employer under irrevocable trusts and shall commence on the day of 20 (hereinafter called "the
Commencing Date") for the main purpose of providing relevant benefits as defined in
Section 770 of the Taxes Consolidation Act, 1997.
2. The full provisions of the Scheme are set forth in the Rules of the Scheme scheduled hereto (hereinafter called "the Rules" which expression shall include any amendments or additions thereto) and the Scheme shall have effect as provided in the Rules.
3. (1) The Scheme is a retirement benefits scheme as defined by Section 771 of the
Taxes Consolidation Act, 1997 capable of being approved by the Revenue
Commissioners pursuant to Section 772 of the Taxes Consolidation Act, 1997 and of being treated by the said Commissioners as an exempt approved scheme pursuant to Section 774 of the Taxes Consolidation Act, 1997 and nothing in this Declaration of Trust or the Rules shall operate to prejudice such treatment of the Scheme by the Revenue Commissioners.
(2) The Scheme is an occupational pension scheme and a defined contribution scheme within the meaning of the Pensions Act 1990 and this Declaration of
Trust and the Rules shall be construed subject to the provisions of the said Act.
4. Throughout this Declaration of Trust and the Rules:
(i) a word or phrase appearing in parenthesis has the meaning of words immediately preceding it
(ii) 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
(iii) 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
(iv) the definitions contained in Rule 1 shall apply to expressions used in both the
Declaration of Trust and the Rules
(v) 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
5. (1) The Principal Employer is appointed trustee of the Scheme and shall hold all benefits payable under the Scheme in trust for the respective persons for whose benefit the said benefits are payable in accordance with the Rules. The power to appoint a new or additional trustee or trustees and to dismiss a trustee or
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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.
(2) 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 which notice shall be delivered to or sent by registered post to the registered office or principal place of business of the Principal Employer and at the expiration of any such notice the Trustee so resigning shall be deemed to have retired from the trust and the
Principal Employer shall execute such documents and do such things as may be necessary to give effect to such retirement. 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 forthwith upon the retirement of the last survivor of the Trustees. Upon retirement the retiring Trustees shall thenceforth be freed and discharged from all obligations imposed upon them by this Declaration of Trust and the Rules in respect of the Scheme.
(3) Where the Trustees do not comprise a sole trustee:
(i) they may make such regulation as to their meetings (including provisions as to the venue and conduct thereof and as to the chairman thereof) as they think fit
(ii) two Trustees present at a meeting shall form a quorum
(iii) 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
(iv) 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.
6. (1) The Trustees will on or after the Commencing Date effect an assurance or assurances with the Life Office in respect of the Members and may on any date thereafter effect a further assurance or assurances with the 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
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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.
(2) 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 or her 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.
(3) 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 the Life Office.
7. (1) Subject to sub-clause 2 hereof 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 l of the Taxes Consolidation Act, l997
(hereinafter called the "Administrator"). The Trustees shall manage and administer the Scheme in accordance with the Rules.
(2) 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.
8. Without prejudice to the generality of Clause 3(2) of this Declaration of Trust, the
Trustees shall, in accordance with the Pensions Act 1990 and any regulations made thereunder:
(i) 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 (1), or if received later than that date, as soon as practicable after receipt,
(ii) provide for the proper investment, in accordance with this Declaration of
Trust and 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
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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,
(iii) 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,
(iv) ensure that proper membership and financial records are kept,
(v) 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,
(vi) register the Scheme with the Pensions Board and pay from the resources of the Scheme any fee that may be required in connection with such registration,
(vii) furnish such information in relation to the Scheme as may be required to the persons entitled to receive it, and
(viii) cause to be prepared an annual report of the Scheme.
9. (1) The Trustees may delegate and authorise the subdelegation 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 and shall not be liable for any loss arising thereby.
(2) The Trustees may obtain the advice of any solicitor, accountant, broker, medical practitioner, actuary, pension consultant or any other professional person 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) 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.
(4) 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.
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(5) The Trustees shall make all necessary arrangements for dealing with receipts, payments and discharges under the Scheme. The Trustees may:-
(i) 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; and
(ii) give vary and revoke instructions as to the custody and disposal of any part of the assurance or assurances effected under the Scheme and as to the signature of proposal forms.
(6) 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.
10. 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, ceasing to carry on business or giving notice as described in Clause 10 (2) below of its intention to discontinue contributions unless:
(i) a new employer of some or all of the Members is willing to enter into an agreement as provided in Rule 9 for the purpose of continuing the
Scheme, or
(ii) (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
(2) 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
(3) 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.
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11. (1) The Trustees of the Scheme 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 to which the Revenue Commissioners shall consent and shall have power to pay proper remuneration to any such agents or staff.
(2) 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.
12. (1) Any and every Trustee being a person or corporation engaged in any profession business or trade not being an employee of the Employers shall be entitled to charge and be paid such remuneration (including any commission and/or remuneration returned or allowed by Life Offices stock brokers or agents) for services hereunder and the Value Added Tax thereon if applicable as may be agreed from time to time between such Trustee and the Principal Employer.
(2) Unless such agreement referred to at Sub-Clause (1) hereof stipulates that such remuneration shall be paid by the Principal Employer in addition to the contributions payable by it under the Declaration of Trust and Rules or in the event that the Principal Employer shall commit any breach of such stipulation, such Trustee shall be entitled to receive such remuneration out of the assurance or assurances effected under the Scheme with the Life Office.
13. 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 amend any of the provisions of this Declaration of Trust and the Rules provided that no amendment shall be made which:
(1) varies the main purpose of the Scheme namely the provision of relevant benefits as described in Section 770 of the Taxes Consolidation Act, 1997 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, or
(2) authorises the accrual or enjoyment of any benefits under the Scheme by the
Principal Employer or any Associated Employer except in respect of any surplus remaining after termination of the Scheme.
14. The Employers shall pay from time to time at the request of the Trustees all necessary expenses incurred by the Trustees in connection with the Scheme in such proportion as shall be determined by the Trustees provided that if the Employers shall at any time fail to pay any necessary expenses within such period as the Trustees consider reasonable the Trustees shall be entitled to deduct such expenses from the assurance or assurances effected under the Scheme with the Life Office.
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15. (1) 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.
(2) All disputes and differences arising out of the Scheme or otherwise in connection therewith not resolved under the provisions of Sub-Clause (1) above shall be referred to arbitration pursuant to the provisions of the Arbitration Acts,
1954 to 1998 and any amendments thereof.
16. (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:
(i) 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;
(ii) any delay which may occur from whatever cause in the investment of any moneys belonging to the Scheme;
(iii) the safety of any securities, documents of title or other investments relating to the Scheme deposited by the Trustees for safe custody;
(iv) any payment or payments to any person or persons erroneously made or caused to be made by the Trustees;
(v) 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;
(vi) any loss occasioned as a result of the Member’s choice of retirement options; or
(vii) 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 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 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:
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(i) in respect of all liabilities lawfully incurred 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
(iii) against all actions proceedings costs claims and demands in respect of any matter or thing lawfully made, done or omitted in any way relating to the
Scheme; and shall to the extent that the Employers fail to indemnify, be indemnified out of the assurance or assurances effected under the Scheme with the Life Office,
PROVIDED THAT a Trustee shall not be indemnified against any liability arising out of 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 negligence.
If one or more of the Trustees incurs a liability arising out of the wilful default 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 wilful default.
DULY AUTHORISED to sign for and on behalf of
____________________
___________________
Date
____________________
Witness
_____________________
Date
Seal
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SCHEDULE
RULES OF THE RETIREMENT BENEFITS SCHEME
Established by the Declaration of Trust to which these Rules are scheduled and constituted for the main purpose of the provision of relevant benefits as defined in Section 770 of the Taxes
Consolidation Act, 1997 in respect of service as an employee, being benefits payable to, or to the
Dependants or personal representatives of, the Members.
Definitions: 1. In these Rules where the context so admits : (i) 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 (ii) 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 (iii) a word or phrase appearing in parenthesis has the meaning of words immediately preceding it and (iv) the following words and expressions shall have the following meanings:
"Administrator" means the Administrator appointed by the Declaration of
Trust for the purposes of the Taxes Consolidation Act.
"Associated Employer" means any person or firm associated with or directly or indirectly controlled by the Principal Employer and which with the consent of the Principal Employer and with the approval of the Revenue
Commissioners executes a deed of adherence whereby such person or firm adheres to and is included in the Scheme and whereby such person or firm agrees to be bound by the regulations governing the Scheme.
"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".
"Dependant" means the Member's spouse, child or any other person who is wholly or substantially dependent upon the Member for the ordinary necessaries of life.
"20% Director" means any director who either alone or together with his spouse and minor children is or becomes or at any time within three years of the specified Normal Retirement Age, or earlier cessation of service was the beneficial owner of shares which, when added to any shares held by the trustees of any settlement to which the director or his spouse had transferred
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assets, carry or carried more than 20% of the voting rights in the Employers or in a company which controls the Employers.
"5% Director" means any director who either alone or together with his spouse and minor children is or becomes or at any time within three years of the specified Normal Retirement Age, or earlier cessation of service was the beneficial owner of shares which, when added to any shares held by the trustees of any settlement to which the director or his spouse had transferred assets, carry or carried more than 5% of the voting rights in the Employers or in a company which controls the Employers.
"the 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.
"€" means the euro.
"Final Remuneration" means
(a) if the Member is not a 20% Director whichever is greatest of (1), (2) and (3) below, or
(b) if the Member is a 20% Director (2) below.
(1) basic pay of the Member for any one of the five years preceding retirement date 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
(2) the average of the Member's total emoluments for any three or more consecutive years ending not earlier than 10 years before retirement date, or
(3) save only in a case which the Revenue Commissioners will not permit basic pay at the date of retirement 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) for the purposes of calculating Final Remuneration where remuneration under (1) and (2) above is calculated by
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reference to a year or years other than the twelve months ending with Normal Retirement Age 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 year up to Normal
Retirement Age.
(ii) 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.
Provided always that proviso (i) may not be applied if the
Member is a 20% Director unless it can be shown to the satisfaction of the Revenue Commissioners that the amount of the non-commutable pension payable or remaining payable or payable before the application of rules permitting commutation of the whole of the benefits to the director is not less than two-thirds of the annuity equivalent of all retirement benefits payable to the director (or to which he is entitled) under all schemes of the Employers at the time any lump sum benefits are to be paid to him under the Rules.
"Life Office" means Irish Life Assurance plc. and/or any other life office authorised to carry on life assurance business in the Republic of Ireland.
"Member" means a person who is currently included in the Scheme in accordance with Rule 2.
"Member's Explanatory Booklet" means the booklet issued to the Member in conjunction with a personal Statement of Benefit by the Trustees and 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.
"Normal Retirement Age" means the date identified in the Member's
Statement of Benefit by reference to the designation "Normal Retirement
Age".
"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 Act.
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"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".
"Retained Lump Sum Benefits" means lump sums the Member has earned with previous employers and includes:
(a) lump sums received or receivable from any scheme including sums received or receivable in commutation of pension, and
(b) sums received or receivable in commutation of retirement annuities under contracts approved under Section 784 Taxes Consolidation Act
1997,
Provided that benefits at (a) and (b) may be ignored if they do not exceed €1,270 in all.
"Retained Pension Benefits" means benefits the Member has earned with previous employers and includes:
(a) pensions, whether deferred or already in payment, including any part of a deferred pension which is commutable,
(b) the annuity equivalent of lump sums received or receivable, including any already received in commutation of pension, and
(c) where so required by the Revenue Commissioners, retirement annuities under Section 784 Taxes Consolidation Act 1997 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 all.
"Rules" means this set of Rules and any amendments or additions thereto.
"Scheme" means the Scheme established by the Declaration of Trust and identified in the Declaration of Trust by reference to the designation "the
Scheme".
"Statement of Benefit" means the leaflet issued in conjunction with the
Member's Explanatory Booklet from time to time.
"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.
"the Trust Deed" means the Trust Deed to which the Rules are scheduled.
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"Trustees" means the Trustee or Trustees for the time being of the Scheme.
Membership 2. (1) A person shall be eligible for inclusion in the Scheme if:
(a) he is an employee of the Employers in the Republic of Ireland.
For this purpose "employee" includes any officer, director or manager of the Employers and also any former employees of the
Employers, and
(b) the Employers in their absolute discretion shall so decide.
(2) A person eligible under (1) of this Rule shall be included in the Scheme when he shall have agreed with the Employers to such inclusion.
(3) A 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.
Member's
Contributions
3. 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.
Benefits at Normal
Retirement Age
4. (1) If a Member ceases to be in service at Normal Retirement Age otherwise than by his death the Trustees 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) a lump sum payable to the Member being a surrender of the whole or a part of his annuity under the Scheme,
(ii) an annuity on the life of the Dependant (not being a child) of the Member beginning on or after the Member's death,
(iii) an annuity or annuities in respect of any one or more of the
Member's children beginning on or after the Member's death, or
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(iv) such other benefit as will not prejudice exempt approval of the Scheme under the Taxes Consolidation Act, and any such payment or benefit shall be effected in such manner as the
Trustees in consultation with the Member shall decide. Provided that a
Member shall be entitled at any time by notice in writing to the Trustees to surrender irrevocably the option or right to elect to surrender the whole or part of his pension or annuity 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 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 (2) of this Rule 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) Subject to (1)(b)(i), (2) and (3) of this Rule an annuity on the life of the
Member or of a Dependant or in respect of a child will be noncommutable and non-assignable.
(5) 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.
(6) 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
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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, onesixtieth (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) 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).
(9) 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 Taxes Consolidation Act 1997 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 Taxes Consolidation Act 1997 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.
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(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 (7) above 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 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.
(13) If At Normal Retirement Age, the Member is a 5% Director (or in any other circumstances permitted by the Revenue and by legislation), he shall be entitled to the following options as set out in Section 784B
Taxes Consolidation Act 1997.
The Trustees shall, if the Member so requests, provide the following benefits in lieu of those set out in 4(1-12):
(i) 25% of the proceeds of the relevant assurance as a lump sum to the Member, and
(ii) €63,500 (or such other amount as the law shall demand) or the remainder of the proceeds of the relevant assurance (whichever is lower) to be transferred to an Approved Minimum Retirement
Fund as defined in Section 784B Taxes Consolidation Act 1997, and
(iii) The remainder of the proceeds of the relevant assurance to be transferred to an Approved Retirement Fund as defined in Section
784B Taxes Consolidation Act 1997, or
(iv) The remainder of the benefits of the relevant assurance to be paid directly to the Member. The remainder will be subject to income tax.
PROVIDED
That if the Member has proof satisfactory to the Trustees and to the
Revenue of a guaranteed income for life of €12,700 (or such other amount as the law shall demand) per annum, the Trustees shall, if the
Member so requests, provide benefits set out under (i), (iii) and (iv) above.
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(14) If at retirement the Member has, with the agreement of the Employer as set out in Clause 6 of the Trust Deed, contributed additional voluntary contributions, he shall be entitled to the options in 4(13) (ii), (iii) and
(iv), subject to the proviso set out in 4(13), in relation to that part of the fund relating to those additional voluntary contributions, or that part of the fund representing his additional voluntary contributions remaining after he has taken his lump sum as calculated in 4(8), except that the reference to Sub-Rule 4(13)(i) contained in the said proviso shall not apply.
Benefits After 5. (1) If the Member remains in the service of the Employers after Normal
Normal
Retirement Age
Retirement Age and ceases to be in service at a later date otherwise than by his death the Trustees 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.
(2) If the Member continues to serve after Normal Retirement Age he may elect in lieu of waiting to receive his benefits at his later date of retirement as described in (1) 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 direct the Life Office to apply the proceeds of the relevant assurance or assurances relating to that
Member accordingly.
(3) Rule 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.
(4) 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 amounts set out below:
(a) if the Member is not a 20% Director 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
(b) if the Member is a 20% Director 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 by an amount which is not so great that the annuity
17

payable would exceed the maximum annuity approvable by the
Revenue Commissioners if the date of actual retirement (or age
70 if earlier) was deemed to be the Normal Retirement Age of the
Member except that this limitation does not apply to increases after attainment of age 70.
Provided that if the Member is a 20% Director and elects to take his lump sum benefit at Normal Retirement Age or at any date between
Normal Retirement Age and his later date of retirement and to defer his annuity until his actual retirement, his annuity may not be increased as described in 4(b) of this Rule and may only be increased by reference to increases in the Consumer Price Index.
(5) Rule 4(8), 4(9), 4(10), 4(11), 4(12), 4(13) and 4(14) apply also to benefits payable under this Rule.
Benefits on
Retirement before Normal
Retirement Age
6. (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 premium shall be paid under the assurance or assurances effected in respect of him, 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 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 (1) 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) one-sixtieth of the Member's Final Remuneration for each year of service with the Employers subject to a maximum of forty years, or
(b) 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
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Withdrawal
(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) Subject to Rule 4(13) 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) three-eightieths of the Member's Final Remuneration for each year of service with the Employers subject to a maximum of forty years, or
(b) 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 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.
(4) Provided that the Trustees are not required so to apply 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 and subject in any event to Part III of the Pensions
Act.
7. (1) If a Member ceases otherwise than by his death to be in service before
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from Service before Normal
Retirement Age
Normal Retirement Age no further premium shall be paid under the assurance or assurances in relation to that Member, 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 Section 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 Statement of Benefits and any such benefit shall consist of either:
(a) an immediate payment of the proceeds of the 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. Provided that if the
Member is a 20% Director and his pensionable remuneration from the Employers for any year whilst a Member has exceeded
€6,350 he may not elect this option, or
(b) the application by the Trustees on the Member's retirement date of all or a specified part of the proceeds of the 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) a date earlier than Normal Retirement Age on which that
Member could have received a benefit under Rule 6, or
(iii) that Member's normal retirement age under his last employer's retirement benefits scheme, or
(iv) 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 l(b) above dies before the application of the proceeds as described in l(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.
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Benefits on
Death in
Service
(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. (1) If a Member dies in service the Trustees will direct the Life Office to apply the proceeds of the relevant assurance or assurances relating to that Member in the provision according as the Trustees think fit of all or any of the following benefits:
(a) a lump sum which (after taking into account all other lump sums provided on death (i) under other retirement benefits schemes of the Employers or (ii) derived from retirement benefits schemes or from contracts approved under Section 784 Taxes Consolidation
Act 1997 relating to earlier employments, except only such amounts as the Revenue Commissioners will permit to be ignored) does not exceed four times the Member's final remuneration plus a re-payment of the total of the Member's own contributions to the Scheme together with such interest or its equivalent at such level as the Revenue Commissioners shall permit on such contributions,
For the purpose of this Rule "final remuneration" shall be the rate of remuneration payable to the Member at the date of the
Member's death.
(b) an annuity on the life of a Dependant (not being a child) of the
Member, or
(c) an annuity in respect of any one or more of the Member's children. and any such annuity shall be purchased (according as the Trustees direct) from the Life Office.
(2) The lump sum will be held or paid and applied according as the
Trustees within two years after the Member's death decide. The
Trustees shall pay the moneys to the Member's legal personal representatives or pay or apply all or any part of the moneys (a) to or for the benefit of any one or more of the Member's widow, widower, children or Dependants and if more than one in such shares as the
Trustees shall in their absolute discretion decide or (b) to or for the benefit of any one or more persons (whether or not incorporated) other than the persons aforesaid who is/are entitled to any interest in the
Member's estate under any testamentary disposition made by a Member or (c) to or for the benefit of any one or more persons (whether or not incorporated) other than the persons aforesaid whose name and particulars have been notified in writing to the Trustees by the Member
21

Take Over by New
Employer
Transfers as being a person whom the Member wishes the Trustees to consider as a possible recipient of any benefit on the Member's death.
(3) A children's annuity will be paid according as the Trustees determine 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 such child or 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 determined by the Trustees provided that the Life Office will assure such contingency and such contingency complies with
Revenue limitations.
(4) The amount of the 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) derived from retirement benefits schemes or from contracts approved under Section 784 and 785 Taxes Consolidation Act 1997 relating to earlier employments, except only such amounts as the
Revenue Commissioners will permit to be ignored) must not exceed the maximum pension which could be provided for the Member under Rule
4(7).
(5) The aggregate amount of the Dependant's annuity and children's annuities (after taking into account corresponding benefits (i) payable in respect of the Member under other retirement benefits schemes of the
Employers or (ii) derived from retirement benefits schemes or from contracts approved under Section 785 Taxes Consolidation Act 1997 relating to earlier employments, except only such amounts as the
Revenue Commissioners will permit to be ignored) must not exceed the maximum pension which could be provided for the Member under Rule
4(7).
9. 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 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.
10. (1) Subject to Part III of the Pensions Act if a Member is entitled to benefit under another retirement benefits scheme, a policy or contract of assurance effected on behalf of the Member with one or more Life
22

Offices or under a Personal Retirement Savings Account (together in this sub-Rule 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 all 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 made 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) 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 sub-Rule by the said Commissioners, or
(b) to a policy or contract of assurance effected on behalf of the
Member with one or more Life Offices, or
(c) 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
(d) 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 sub-Rule 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
23

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) 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
(iii) any prohibition on a refund of contributions to the Member herein shall be maintained in the Other Scheme.
Augmentation 11. Subject always to Clause 3 of the Declaration of Trust the Trustees with the consent of the Principal Employer shall have power to augment or vary the benefits otherwise payable to a Member or his Dependants or children or such other persons as described herein under the Rules.
Tax 12. The Trustees shall deduct from any payment under the Scheme a sum not exceeding that of any tax payable by it or by the Administrator in respect of such payment.
Discontinuance 13. The Employers may at any time by notice in writing to the Trustees discontinue payment of premiums under the assurance or assurances relating to any Member. If the Employers discontinue payment of premiums any proceeds of the assurance or assurances relating to each Member will continue to be held under the relevant 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.
Benefits in
Excess of
Revenue Limits
14. The proceeds of the 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.
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Winding Up 15. (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 assurance or assurances relating to each Member shall be realised. The Trustees shall, out of the proceeds of the assurance(s) 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 10(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 determine to be equitable.
Notes 16. The marginal notes to the Rules shall not affect the interpretation thereof.
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