asked the Minister for Transport and Power if he will state (a) why CIE workers' pensions are reduced from £2 11s. 3d. to £1 per week when they attain the age of 70 years; and (b) what amount is now in the pension fund.
Ceisteanna—Questions. Oral Answers. - CIE Pensioners.
15.
CIE wages grade pensions are in certain cases reduced from £2 11s. 3d. to £1 per week at 70 years of age at the election of the pensioners concerned. The standard pension is 33/6d. per week but in order to maximise benefit from non-contributory old age pension the scheme allows a choice between the standard pension and an actuarial equivalent consisting of £2 11s. 3d. a week up to 70 years and £1 a week thereafter. As CIE pensioners now qualify for contributory old age pension this choice may not be availed of to the same extent in future.
The amount in the Wages Grade Pension Fund at 31st December, 1961, was £3,199,516.
Would the Minister not agree that with a fund of over £3,000,000, CIE should do something better than they are doing?
My learned colleague, the Minister for Transport and Power, will be dealing with his Estimate shortly and I am sure he will deal with that matter.
He will say he knows nothing about it.
It is well that he is not here today or he would not answer the question.