1. Pursuant to the Orders of the Dáil and the Seanad of 30th November, 1960, the Joint Committee has considered the matter of making a scheme for pensions for Members of the Oireachtas under section 6A of the Oireachtas (Allowances to Members) Act, 1938. The Committee has had regard to the requirement in its terms of reference that no charge may be imposed on public funds by any scheme so made.
2. The Joint Committee has made a scheme providing for pensions for Members from a fund to be maintained solely by means of Members’ contributions. The scheme is set out in the Appendix to this report. Calculations made from available information indicate that the fund should be solvent. It will be noted, however, that if at any time the contributions should prove inadequate to pay for the benefits there is provision that an increase in contributions or a reduction in benefits may be made if each House so resolves.
(Signed) PÁDRAIG Ó hÓGÁIN,
1st December, 1960.