Dáil Éireann Debate, Thursday - 23 March 2023
193. Deputy Réada Cronin asked the Minister for Transport the information his office was provided with after 24 February 2023 that advised him contrary to the fact that the CIÉ superannuation scheme 1951 is in significant surplus; who supplied that information; and if he will make a statement on the matter. [14570/23]
View answer194. Deputy Darren O'Rourke asked the Minister for Transport if he agrees that the CIÉ group’s 1951 superannuation scheme (1951 scheme), is currently not in compliance with the minimum funding standard as defined in the Pensions Act 1990, (details supplied); and if he will make a statement on the matter. [14573/23]
View answer195. Deputy Darren O'Rourke asked the Minister for Transport if he plans to sign any amending statutory instrument changing the benefits of members of the CIÉ 1951 superannuation scheme; and if he will make a statement on the matter. [14574/23]
View answer196. Deputy Darren O'Rourke asked the Minister for Transport how he and CIÉ came to the conclusion that the CIÉ 1951 superannuation scheme (1951 Scheme) is currently not in compliance with the minimum funding standard as defined in the Pensions Act 1990; and if he will make a statement on the matter. [14575/23]
View answerI propose to take Questions Nos. 193, 194, 195 and 196 together.
CIÉ have 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 Deputies 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 related to the RWS on 6th July 2022, with an operative date of 18th July 2022.
In regards to 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 Deputies 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.Issues in relation to CIÉ pension schemes are primarily a matter for the trustees of the schemes, the CIÉ Group and their employees. I have, therefore, referred the Deputies questions to CIÉ for direct reply. Please advise my private office if you do not receive a reply within ten working days.
