asked the Minister for Transport and Power the number of CIE pensioners at present within the ambit of the 1951 pension scheme.
13.
Ceisteanna—Questions. Oral Answers. - CIE Superannuation Fund.
12.
asked the Minister for Transport and Power in relation to the CIE superannuation fund (a) the present capital value of the fund; (b) its annual income; (c) the annual amount of pensions met from the fund; and (d) the names of the trustees for the fund.
With your permission, a Cheann Comhairle, I propose to take Questions Nos. 12 and 13 together.
There are 201 pensioners in the CIE Superannuation Scheme, 1951. I assume that the Deputy's second question relates also the CIE Superannuation Scheme, 1951, and the details requested were as follows at 31st December. 1971:—
(a) Capital value of Fund— £6,142,262;
(b) Annual income—£901,861;
(c) Annual Pensions—£67,817;
(d) Trustees—M.J. Hayes, P. Murphy, F. Lemass.
At the latest actuarial valuation of the pension fund its liabilities exceeded its assets by £177,000.
In view of the fact that the number of pensioners under the 1951 scheme are comparatively few in relation to the total number of pensioners, would the Minister make representations to CIE to the effect that they might improve the lot of these pensioners vis-à-vis their colleagues who retired under other pension schemes? I have been given to believe that they are seriously prejudiced.
At first sight I had much sympathy with the Deputy's view in putting down this question but the point is that, by reason of the fact that the 1951 scheme was designed for serving staff who were due to retire, only 201 pensioners have been affected so far whereas membership of the scheme at the moment is more than 2,500 serving staff and the actuaries say that provision must be made for these. That is the reason for the high capital value of the fund in relation to the actual pensions paid out. That is the problem but I will bring the matter to the notice of the board, although they inform me that actuarially it is right.
In view of the overall position of CIE, apart from the pension scheme, might I suggest that the extra cost of bringing these 201 people to the level of their colleagues would be very little.
I will take the matter up with the board.