We, the Governing Body of University College, Cork, under and by virtue of the powers in that behalf conferred on us by the said Act, Do by this present instrument under the Seal of University College, Cork, make the Statute contained in the Schedule hereof for the general government of the said College.
Given under the Common Seal of University College, Cork, this first day of December, 1970.
Present when the Common Seal of University College, Cork, was affixed:
Statutes I. to LXXXIV. of University College, Cork shall be read and construed with the additions, modifications and amendments hereinafter set forth.
The Pension Scheme established by and annexed to Statute LXXIX., as already amended, is hereby further amended as follows:
Present when the Common Seal of University College, Cork, was affixed.
Established under Statute LXXIX. and effective as and from 1 April, 1966
Enacted by Statute LXXXV., and effective as and from 1 December, 1970
"8. Power to review Pensions: Notwithstanding anything contained herein, if and so often after a pension has
commenced to be payable under the Scheme the Governing
Body of the College should review the salaries payable to
participants, it shall at the same time review the pensions
payable to retired participants or the widows of former
participants. The basis on which any such review shall be
made shall be that the relativity of a pension to the salary
attaching to the posts on which its was calculated shall at all
times be maintained, the pension being increased proportionately with any increase in such salary other than an increase
which is stated to be in consequence of a re-appraisal of the
duties and responsibilities of the said posts. Should a pensionable post be abolished after the retirement or death of the
holder, the relativity referred to shall be established and
maintained with a post or group of posts the salary of which
equated to or related to that of the office held by the retired or
deceased participant."
"The Governing Body may also either generally or in any
individual case of special hardship decide at any time that an
increased pension be granted independently of any such
general review as above referred to."
PART II.
SECTION A. Participant's right to Pension and the amount thereof
"13. All service rendered to the College by a participant in a permanent full-time capacity, as well as any full-time continuous service which a participant may have rendered to the College in a temporary or unestablished capacity immediately prior to and up to the date of his appointment in a permanent full-time capacity, shall be deemed pensionable service. Should such full-time permanent service be broken there shall be omitted from the calculation of his length of pensionable service any period during which he was not in the service of the College in a permanent full-time capacity. In calculating any pension no credit shall be given for any service to the College in respect of which a gratuity on earlier resignation has been granted or a pension on earlier retirement has been or may be granted."
"15 The participant's annual pension shall be an annual
sum equivalent to one-sixtieth of his final salary multiplied by
the number of years of his pensionable service subject to a
maximum of forty. In addition, a lump sum equivalent to
one-fifth of his final salary multiplied by the number of his
years of pensionable service subject to a maximum of ten
shall also be payable.
" Provided, however, that such lump sum shall be
reduced by ten per cent in respect of each completed year
of pensionable service which a participant may serve
after reaching normal retirement age.
"Should, however, a participant so wish, he may elect to
commute portion of his annual pension in which case he will
receive a lump sum on retirement equal to one-thirtieth of his
final salary multiplied by the number of his years of pensionable service subject to a maximum of forty-five. The exercise
of this option shall be irrevocable and the participant's annual
pension will then be calculated at one-eightieth of his final
salary, multiplied by the number of his years of pensionable
service subject to a maximum of forty."
"17. A participant who is incapable of discharging his duties by reason of infirmity of mind or body and whose incapacity supported by medical evidence is, in the opinion of the Committee, likely to be permanent, must retire and on so retiring will be entitled to an annual pension and lump sum calculated in accordance with Clause 15 and may also commute a portion of such annual pension as provided therein."
"18. A participant may at any time within five years of
the retirement age applicable to the office or post he holds
retire voluntarily and on so retiring shall receive an annual
pension and lump sum in accordance with the provisions of
the Scheme."
"Provided that such participant shall give at least
three months' notice in writing (exclusive of the months
of July, August and September) of his intention to so
retire."
SECTION B. Provision for Widows and Dependants
"24. Should a participant die before retirement his widow shall be granted a lump sum equal to one-fifth of the participant's salary at the date of his death multiplied by the number of his years of pensionable service subject to a maximum of ten. Should there be no widow the lump sum calculated as aforesaid shall be apportioned among the participants' dependants, if any, such apportionment to be in the absolute discretion of the Committee."
"The provisions of this Clause shall not apply to a participant who retires after 1 December, 1970."