  We present 850 micron observations of the 2-3 Myr cluster IC 348 in the
Perseus molecular cloud using the SCUBA-2 camera on the James Clerk Maxwell
Telescope. Our SCUBA-2 map has a diameter of 30 arcmin and contains ~370
cluster members, including ~200 objects with IR excesses. We detect a total of
13 discs. Assuming standard dust properties and a gas to dust mass ratio of
100, we derive disc masses ranging from 1.5 to 16 M_JUP . We also detect 8
Class 0/I protostars. We find that the most massive discs (M_Disc > 3 M_JUP ;
850 micron flux > 10 mJy) in IC 348 tend to be transition objects according to
the characteristic "dip" in their infrared Spectral Energy Distributions
(SEDs). This trend is also seen in other regions. We speculate that this could
be an initial conditions effect (e.g., more massive discs tend to form giant
planets that result in transition disc SEDs) and/or a disc evolution effect
(the formation of one or more massive planets results in both a transition disc
SED and a reduction of the accretion rate, increasing the lifetime of the outer
disc). A stacking analysis of the discs that remain undetected in our SCUBA-2
observations suggests that their median 850 micron flux should be ~1 mJy,
corresponding to a disc mass ~0.3 M_JUP (gas plus dust) or ~1 M_Earth of dust.
While the available data are not deep enough to allow a meaningful comparison
of the disc luminosity functions between IC 348 and other young stellar
clusters, our results imply that disc masses exceeding the Minimum Mass Solar
Nebula are very rare (~1%) at the age of IC 348, especially around very
low-mass stars.
