Governance

Statute No. 28: Superannuation Scheme

Further information

Superannuation

Statute No. 28: Superannuation Scheme

1. The Senate in the name and on behalf of the University is authorised to make provision for superannuation for staff and for that purpose may participate in, establish and maintain a superannuation scheme or schemes (any such scheme being hereinafter called a 'Scheme'), on and subject to such terms and conditions as may be either contained in regulations made hereunder from time to time or provided for in agreements entered into by the Senate in the name and on behalf of the University with other universities and educational or research institutions (any such agreement being hereinafter called a 'Scheme Agreement'). A Scheme and a Scheme Agreement shall make provision for invalid pensions and may make provision for supplementary pensions.

2. The Senate may appropriate funds from time to time for the purposes of a Scheme.

3.(1) Subject to any contrary terms in any relevant Scheme Agreement administration of a Scheme is vested in the Senate.

(2) The Senate may by resolution delegate all or any of its powers and functions under this Statute and under regulations or under any Scheme Agreement if not precluded from so doing by the provisions of such Scheme Agreement (except in any such case this power of delegation and the Senate's power to make regulations or enter into Scheme Agreements) to a member of the Senate or to an officer or officers of the University or to any other person or persons (including corporate entities).

(3) Subject to any contrary terms in any relevant Scheme Agreement any delegation under this section is revocable by resolution of the Senate and subject to any such terms no delegation prevents the exercise of a power or function of the Senate.

4. The Senate may make agreements with other universities or other educational or research institutions for the setting up of joint machinery to facilitate the transfer of members from a superannuation scheme controlled by one such body to a superannuation scheme controlled by another and generally in regard to matters affecting a Scheme.

5. For the purpose of carrying out this Statute the Senate in the name and on behalf of the University may from time to time make, alter and repeal regulations made hereunder and subject to the provisions of any relevant Scheme Agreement may alter, amend, vary, delete or add to all or any of the provisions of such Scheme Agreement or withdraw from such Scheme Agreement provided that no amendments to regulations shall prejudice the rights then accrued to any person who is a member of the Scheme at the date of such amendment.

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