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Pension Provisions

Dáil Éireann Debate, Thursday - 4 November 2021

Thursday, 4 November 2021

Questions (116)

Bríd Smith


116. Deputy Bríd Smith asked the Minister for Transport if he has signed the statutory instrument that gives effect to changes in the CIÉ regular wages scheme pension; the changes that will take effect retrospectively for workers who have retired since June 2020; when these were accepted by the workforce in CIÉ; and if he will make a statement on the matter. [53672/21]

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Written answers (Question to Transport)

The 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 again reassure the Deputy that my Department, in consultation with advisors in NewERA, are working on the draft SIs as expeditiously as possible.