Dáil Éireann Debate, Tuesday - 2 November 2021
186. Deputy Darren O'Rourke asked the Minister for Transport the status of the CIÉ group pension schemes; the proposed changes; when they will be introduced; and if he will make a statement on the matter. [52447/21]
View answerThe CIÉ Group has two pension schemes, namely the Regular Wages Scheme (“RWS”) and 1951 superannuation scheme (“1951 Scheme”), and issues in relation to CIÉ pension schemes are primarily a matter for the trustees of the schemes, the CIÉ Group and their employees.
In relation to the RWS, CIÉ has prepared and submitted draft Statutory Instruments (SIs) to give effect to the proposed changes to the scheme. These changes involve significant amendments to the Scheme which are necessary in order to address the Minimum Funding Standard requirements under the Pensions Act. These changes have been agreed by the trustees of the schemes, the employees and the CIÉ Group following extensive and prolonged engagement between all parties.
There are a number of steps involved before an SI can be made, including the statutory consultation process. In this context, I would like to reassure the Deputy that my Department, in consultation with advisors in NewERA, are working on the draft SIs as expeditiously as possible.
Concerning the 1951 scheme, members of the scheme were balloted regarding the Labour Court Recommendation which emerged on 23rd November 2020, with a majority voting to accept the proposals. CIÉ has prepared and submitted a consolidated draft Statutory Instrument to give effect to the proposed changes to the scheme which is being considered by my Department in conjunction with NewERA.
I further wish to advise that the rules governing the 1951 scheme are currently subject to ongoing legal proceedings before the Commercial Court. As such, being sub-judice, it is not appropriate for me to comment further on the matter.
