asked the Minister for Transport and Power if he has sanctioned the new superannuation scheme for CIE clerical and supervisory grades; and, if not, when he intends to do so.
Ceisteanna—Questions. Oral Answers. - CIE Superannuation Scheme.
18.
Under Section 44 of the Transport Act, 1950 the onus is on CIE to make proposals to me for both new superannuation schemes and the amendment of existing superannuation schemes.
In May, 1973 CIE submitted to me for approval proposals for the amendment of the clerical and supervisory grades pension schemes. I have asked the company for clarification of a number of points and when I hear from them I expect to be able to proceed fairly rapidly towards giving a final decision on the proposals. When the schemes are approved they will have retrospective effect to 1st January, 1971.
19.
asked the Minister for Transport and Power if he has sanctioned the widows and orphans scheme for CIE clerical and operative grades.
CIE recently submitted to me for approval in principle draft proposals for a widows and orphans pension scheme to cover salaried staff employed by the company.
I am examining these proposals and I hope to be in a position to let the company have my views thereon shortly.
Would the Minister say when these proposals were submitted to him?
On the 11th January, 1974.
20.
asked the Minister for Transport and Power if he will state (1) the total funds in the CIE superannuation scheme for regular wages staff, (2) where these funds are invested and the annual interest accruing thereto, (3) if this interest is added to the fund for disbursement to the members and (4) if there are any proposals for increasing pensions to recipients.
21.
asked the Minister for Transport and Power if there are any new proposals for increased pensions for operative grades in CIE.
With the permission of the Ceann Comhairle, I propose to take Questions Nos. 20 and 21 together.
The CIE wages grades pension fund includes the pension contributions of the staff now employed and its assets are required to meet the ongoing liabilities to existing pensioners and to provide for the pensions of existing staff. At the last actuarial valuation of the fund for the five year period ended 31st December, 1968 assets were £10,971,000 and liabilities £14,036,000. The actuarial valuation of the fund for the five year period ended 31st December, 1973 is at present in progress. Moneys in the fund are invested in trustee stocks or in other investments for the time being approved of by the Minister for Finance. The annual interest accruing to the fund varies from year to year; that for 1972 amounted to £543,181, which when added to the fund, brought the total assets of the fund at 31st December, 1972, to £8,383,016.
Under section 44 of the Transport Act, 1950 the onus is on CIE to make proposals to me for both new superannuation schemes and the amendment of existing superannuation schemes. CIE have made proposals to increase the pensions in the CIE wages grade pension scheme and these are at present under active examination.
There is no provision in the wages grade pension scheme for increasing the pensions of existing pensioners. CIE pensions are, however, linked to Social Welfare benefits, which are revised from time to time.
At what rate of interest are these moneys invested? Does it work out at 5 per cent?
I am sorry, I have not got that information.