Dáil Éireann Debate, Thursday - 23 March 2023
187. Deputy Catherine Murphy asked the Minister for Transport if he will provide a schedule of engagements he and/or his officials have had in the past five years to date with CIE and or the Department of Public Expenditure, National Development Plan Delivery and Reform, in respect of the CIE 1951 superannuation scheme; and if he will consider engaging an actuary to conduct a review of the scheme. [14454/23]
View answerCIÉ has advised that the Group’s two pension schemes, namely the Regular Wages Scheme (“RWS”) and 1951 superannuation scheme (“1951 Scheme”), are currently not in compliance with the Minimum Funding Standard (MFS) as defined in the Pensions Act 1990.As the Deputy may be aware, the CIÉ Group is actively engaged in introducing changes to the schemes aimed at rectifying the significant deficit in order to meet the statutory Minimum Funding Standard required by the Pensions Authority. The changes also aim to sustain the pension schemes into the long-term.In relation to CIE's Regular Wages Scheme (RWS), I signed three Statutory Instruments (SIs) related to the RWS on 6th July 2022, with an operative date of 18th July 2022. As required under the Transport Act 1950, the consent of the then Minister for Public Expenditure and Reform was sought both during the statutory consultation phase and prior to confirming the SIs.Concerning the 1951 Scheme, CIÉ has prepared and submitted a draft SI to give effect to Labour Court recommendations for the 1951 Scheme, as passed by ballot of scheme trade union members in May 2021. This is being considered by my Department in conjunction with NewERA. The Deputy may also be aware that the rules governing the 1951 scheme are currently subject to ongoing legal proceedings before the Commercial Court. The Hearing commenced on 24 May 2022 for 4 days and the outcome from the Hearing is expected in the coming months.
I do not intend to engage an actuary to conduct a review of the 1951 scheme as issues in relation to CIÉ pension schemes are primarily a matter for the trustees of the schemes, the CIÉ Group and their employees. I can however, reassure the Deputy that I am regularly briefed by officials on matters relating to the corporate governance of the Group, including matters relating to the pension schemes. Such matters will continue to be addressed through my Department's ongoing engagement with CIÉ.
