asked the Minister for Transport and Power if he will state in relation to the superannuation fund for employees of Córas Iompair Éireann during each of the last five years (a) the amount standing to the credit thereof at a convenient date, (b) the manner in which such amount was invested, (c) the annual average yield from such investment, (d) the amounts paid out of the fund, and (e) the amount which it is estimated will be paid out of the fund in each of the next five years on the basis of present rates of contribution and superannuation.
Ceisteanna—Questions. Oral Answers. - C.I.E. Superannuation Fund.
41.
I propose with the permission of the Ceann Comhairle to circulate a tabular statement with the Official Report giving the information requested by the Deputy.
C.I.E. SUPERANNUATION SCHEME FOR REGULAR WAGES STAFF.
|
1957 |
1958 |
1959 |
1960 |
1961 |
||||||
|
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
|
|
(a) Amount standing to credit of fund at 31st December. |
2,167,445 |
2,511,548 |
2,769,324 |
2,995,088 |
3,199,516 |
|||||
|
(b) Manner in which amount standing to credit is invested:— |
||||||||||
|
Trustee Stock—Irish |
1,897,474 |
2,205,370 |
2,557,662 |
2,853,924 |
3,093,705 |
|||||
|
On Bank Deposit, Current Account and awaiting investment |
269,971 |
2,167,445 |
306,178 |
2,511,548 |
211,662 |
2,769,324 |
141,164 |
2,995,088 |
105,811 |
3,199,516 |
|
(c) Annual Average Yield for such investment. |
3½% |
4% |
4½% |
4¾% |
4¾% |
|||||
|
(d) Amount paid out of the Fund, i.e., Annuities, Refunds of contributions, Death Benefits, etc. |
146,556 |
165,100 |
188,024 |
203,198 |
234,163 |
|||||
|
(e) Amount estimated to be paid out of the fund in each of the next five years on basis of present rates of contributions and superannuation. |
It is estimated that the payments from the fund of £234,163 in 1961 will increase each over the next five years. |
NOTE.—The fund would be actuarially insolvent on the basis of equal contributions by C.I.E. and the members. It is necessary for C.I.E. to keep the fund solvent and the amounts which C.I.E. must contribute for that purpose are determined by actuarial investigations at 5 year intervals. In the 5 years ended 31st December, 1961, the Board was required to contribute a total of £1,152,500 to the fund whereas the total amount of the employees' contributions in the same period was £445,676.