Dáil Éireann Debate, Tuesday - 16 April 2024
198. Deputy Francis Noel Duffy asked the Minister for Transport when it is expected the CIÉ 1951 pension deficit will be resolved, in order that CIÉ pensioners will receive pension increases; and if he will make a statement on the matter. [16043/24]
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.Regarding 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 trade union members in May 2021. The Department is still in the process of considering the draft SI 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 proceedings are next listed for the 24th of April 2024.
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 "the timeframe for when an increase might be sanctioned" to CIÉ for direct reply. Please advise my private office if you do not receive a reply within ten working days.
