asked the Minister for Transport and Power the amount of money in the CIE pension fund at the latest available date; and the amount of interest that accrued, the contributions paid into the fund and the amount paid in pensions in the last year for which figures are available.
Ceisteanna—Questions. Oral Answers. - CIE Pension Fund.
26.
I assume that the Deputy is referring to the CIE wages grade pension scheme. The amount of money in the CIE pension fund at 31st December, 1973, was £9,054,767. In the year ended 31st December, 1973, £616,731 accrued in interest to the fund whilst in the same period £565,496 was contributed to the fund by both the board and the members and £511,958 was paid out in pensions.
At the last actuarial examination liability to pay pensions, in the future, to both existing pensioners and to staff who have not yet reached retiring age showed the fund to be in deficit to the amount of £3 million.
Due to the fact that interest of over £616,000 accrued on this sum of slightly over £9 million does the Minister mean that because in the long term men went out on pension there is a deficit of £3 million?
There is a difference here in time. I am talking of the calendar year 1973. The amount in the fund at the end of 1973 was £9 million but the last actuarial examination was five years prior to that at which stage the fund was £3 million in deficit. At the moment there is an actuarial examination going on relating to the date of 31st December, 1973, but it will be up to six months before the findings of that examination are available.
In view of the paltry pensions being paid to CIE pensioners——
This is a separate matter.
There is a sum of £9 million in the fund and a paltry pension of around £5 a week is being paid to the workers.
Question No. 27.
Rumour has it, and I would like the Minister to allay the fears of the workers in CIE, that this fund has been raided by the Exchequer to the tune of £9 million to buy new rolling stock for CIE?
These are all separate matters you are raising, Deputy.
It is a most irresponsible statement. It shows the Deputy's complete ignorance of the law in relation to pension funds. It would be impossible for the Exchequer to raid the fund. It is a most irresponsible thing to say and it is only spreading panic among those who have contributed to the fund. Whether it is rumour or whether the Deputy considers it to be fact he should withdraw that statement immediately. It is most irresponsible.
I did not say it was a fact. I said it was a rumour.
We cannot have an argument on this matter.
The Deputy repeated it in this House. This is a House of facts not of rumours. The Deputy is very irresponsible to make a statement like that in this House.
I want the Minister to allay the fears of those people.