Dáil Éireann Debate, Tuesday - 9 April 2024
176. Deputy Holly Cairns asked the Minister for Transport in view that CIE RWS Scheme pensioners, receiving an average of €52 per week, have not had a pension increase since 2008, if he will consider increasing it in line with other similar scheme increases; if the cost-of-living element of the pay award given to Irish Rail and Dublin Bus staff will be passed on to retired staff also; and if he will make a statement on the matter. [13694/24]
View answerAs the Deputy may be aware, the CIÉ Group is actively engaged in introducing changes to their pension schemes aimed at rectifying the significant deficit in order to meet the statutory Minimum Funding Standard (MFS) required by the Pensions Authority. The changes also aim to sustain the pension schemes into the long-term.
As of end December 2022, the Balance Sheet deficit for the two defined benefit pension schemes operated by CIÉ, namely the Regular Wages Scheme (“RWS”) and 1951 superannuation scheme (“1951 Scheme”), was €396.5m. While the funding position improved during 2022, and the 1951 scheme now meets the MFS, the RWS currently does not meet the MFS and the funding level is marginal and subject to future market volatility. In relation to RWS, I signed three Statutory Instruments related to the RWS on 6th July 2022, with an operative date of 18th July 2022.
Concerning pension increases for CIÉ pensioners, I understand that an increase for pensioners would only be possible when the Schemes are capable of sustaining such increases. Furthermore, any such proposal would be dependent on the advice of the Scheme Actuary at the time an increase is proposed, and is done in agreement with the Trustees of the Schemes.
Accordingly, I have forwarded the aspect of Deputy's question related to pension increases to CIÉ for direct reply. Please advise my private office if you do not receive a reply within ten working days.
