asked the Minister for Transport and Power the present level of the CIE pension fund; whether the fund is increasing or decreasing; and whether it is proposed to increase the pensions paid to ex-employees of CIE pro-rata with the cost of living increases.
Ceisteanna—Questions. Oral Answers. - CIE Pension Fund.
68.
I assume that the Deputy is referring to the wages grade pension fund. On 31st December, 1968, the amount of the fund stood at £6,049,397.
The amount of the fund is increasing but the liabilities on the fund are increasing at a greater rate.
The pensions payable to ex-employees of CIE comprise both payment from the CIE pension fund as well as social welfare benefits. As recommended by the commission on CIE pensions and sickness benefit payments in March, 1964 the total payments made to long service pensioners retiring after 1st April, 1963, are intended to amount to about two-thirds of retiring wages. Increases in wages are reflected in increased pension entitlements.
The CIE wages grade pension scheme does not provide for increases in pensions already determined but the social welfare payments are, as the Deputy is aware, increased from time to time by the Minister for Finance and are due for further increase from January next.
In relation to pension increases to the wages grade pensioners who retired before 1st April, 1963, and who were not included in the recommendations of the commission on CIE pensions and sickness benefit payments. I have already indicated in reply to a question asked on 6th November, 1969, that I am having the whole position of this group of pensioners examined at present. I hope to be able to make a statement shortly.
Would the Minister not agree that actuaries are extremely concerned with the approach to pension funds? These have escalated. I appreciate what the Minister says about increasing demands but is it not a fact that these increasing demands will be more than covered by increasing wages? There is the greatest difficulty in getting changes made in pensions in some of the semi-State bodies.
The Deputy must have got some information from somewhere because I met the pensioners' association in the last few weeks and we have had a very detailed investigation into precisely what the Deputy is talking about.
It was a shot in the dark.
It was a very good shot. We hope to be able to improve the position.