asked the Minister for Transport and Power if he will state with regard to the CIE Wages Grade Superannuation Scheme (a) the number of employees contributing to the Scheme (b) the amount contributed annually by employees since its inception (c) the age group of employees contributing to the Scheme (d) the annual amount paid out in pensions since its inception, the number of people in receipt of pensions and the age grouping of pensioners (e) the amount in the fund at the latest available date (f) the total interest accruing since the fund was established (g) details of the investments of the fund and the rate of interest (h) the amount contributed to the fund by CIE since its inception (i) the names of the trustees of the fund and by whom they were appointed and (j) the method used to decide how money in the fund is invested.
Written Answers. - CIE Superannuation Scheme.
The information sought by the Deputy in parts (b), (d), (f) and (h) of his question is not readily available and could not be compiled without a detailed examination of the records for the past 29 years. This would entail an amount of work altogether disproportionate to the value of the information sought. The information given below in relation to these parts of the question relates to the year ending 31st December, 1971.
The information sought by the Deputy is as follows:
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(a) The number of employees contributing to the Scheme |
12,500 |
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(b) Amount contributed annually by employees |
£242,950 (year ended 31/12/71). |
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(c) The age group of employees contributing to the Scheme |
20-65 (20 is the minimum age for entering the scheme and 50 is the maximum age at which an employee can enter the Scheme). |
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(d) The annual amount paid out in pensions |
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and the number of people in receipt of |
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same and the age group of pensioners |
(i) £453,230 |
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(ii) 4,000 |
Year ended 31/12/71 |
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(iii) 65 years |
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upwards |
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(e) Amount in Fund at latest available date |
£7,717,135 (31/12/71). |
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(f) The total interest accruing to the fund |
£475,621 (year ended 31/12/71). |
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(g) Details of the investments of the fund and the rate of interest |
Trustee Stock. |
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(h) The amount contributed to the fund by C.I.E. |
£342,638 (year ended 31/12/71). |
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(i) The names of the Trustees and by whom they were appointed |
Mr. F. Lemass Appointed by the Mr. P. Murphy Minister for Transport Mr. M.J. Hayes and Power. |
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(j) What method is used to decide how money in the fund is invested |
All monies belonging to the fund which are not immediately required for the purposes of the scheme are invested by the trustees with the consent of the Board in any investments for Trust moneys or in any other investments for the time being approved of by the Minister for Finance for the purposes of the scheme. |