Trustee Savings Banks Act, 1989

Transfer of officers and other employees.

53.—(1) Every officer, or other member of the staff in the service or employment of any of the banks and agreed by the banks and, where appropriate, the amalgamated bank to be transferred under this section shall on the amalgamation day be transferred from the service or employment of the first-mentioned bank to and become an officer or other member of the staff (as the case may be) of the amalgamated bank with the same rights and subject to the same obligations and incidents in respect of such service or employment as he was subject to as an officer or other member of the staff of the first-mentioned bank.

(2) Every such officer or other member of the staff as aforesaid who is a member of or entitled to benefit under a pension or superannuation scheme of any of the banks and every officer or other member of the staff who was formerly employed by any of the banks in connection with the business agreed to be amalgamated and was, immediately before the amalgamation day, a member of or entitled to benefit under any such scheme shall with effect from the amalgamation day become a member of and entitled to the corresponding benefit under a corresponding pension or superannuation scheme of the amalgamated bank on terms not less favourable than those under the first-mentioned scheme and any person who is, by reason of the membership of or entitlement to benefit under the first-mentioned scheme of any officer or other member of the staff employed or formerly employed in any of the banks, entitled to benefit thereunder, shall be entitled with effect from the amalgamation day to the corresponding benefit under the said corresponding scheme on terms not less favourable than those under the first-mentioned scheme.

(3) Any benefit payable under a pension or superannuation scheme of any of the banks to the personal representative (in his capacity as personal representative) of any deceased officer or other member of the staff formerly employed in that bank and remaining unpaid on the amalgamation day shall become and be payable on that date by the amalgamated bank or under a corresponding pension or superannuation scheme of the amalgamated bank.

(4) Service or employment with any of the banks shall, for the purpose of ascertaining and calculating the right to benefit under any such corresponding scheme, be taken into account as if it were service or employment with the amalgamated bank but the transfer of service or employment from the first-mentioned bank to the amalgamated bank shall not, of itself, give rise to any claim to benefit under any such scheme.

(5) In relation to staff transferred by subsection (1) to the staff of the amalgamated bank, previous service with any of the banks shall be reckonable for the purposes of, but subject to any other exceptions or exclusions in, the Redundancy Payments Acts, 1967 to 1984, the Holidays (Employees) Act, 1973 , the Minimum Notice and Terms of Employment Acts, 1973 to 1984, and the Unfair Dismissals Act, 1977 .

(6) The Minister and the Central Bank may, at the request of any of the banks and the amalgamated bank, include in the order under section 48 such provisions as they think appropriate for transferring the whole or any part of the property and assets of any pension or superannuation scheme of the first-mentioned bank to a corresponding pension or superannuation scheme of the amalgamated bank and vesting it for the purposes of the corresponding scheme in the trustees or other persons charged with the administration of such corresponding scheme and for winding up, dissolving, terminating or modifying any such scheme of the first-mentioned bank and the corresponding scheme shall have effect in accordance with any such provisions, any such scheme of the first-mentioned bank being wound up, dissolved, terminated or modified, as the case may be.

(7) In this section—

“benefit” means any pension, gratuity or other benefit payable in respect of past service with the bank concerned or other specified past service on resignation, retirement or death;

“pension or superannuation scheme of any of the banks” means a scheme, arrangement or fund established in connection with the business of that bank for the provision of benefit for the officers or other members of the staff of that bank or their dependants and any cognate expression shall be construed accordingly;

“pension or superannuation scheme of the amalgamated bank” means a scheme, arrangement or fund established in connection with the business of the amalgamated bank for the provision of benefit for the officers or other members of the staff of the amalgamated bank or their dependants and any cognate expression shall be construed accordingly.