As the Deputy will appreciate, issues involving the pension schemes in relation to the Commercial Semi State companies can be complex.
As the key stakeholders involved in considering these proposals, the parent Department along with the relevant scheme trustees and the scheme employer all play an important role in ensuring that the full impact of pension changes on the sustainability of the pension funds is carefully assessed along with all the other policy considerations before proposals are finalised and then delivered.
The normal process by which these requests are advanced involves the parent Government Department under whose aegis responsibility for individual Commercial Semi State Bodies falls considering and approving any changes to pension scheme rules or discretionary benefits.
My Department then considers these proposals when a fully completed set of business case and technical assessment documents are submitted in line with the standard governance requirements. This includes the advice from NewEra. This process applies to all proposals including the CIÉ pension scheme before they are brought forward for my consent.
The above process has been completed. Based on the correspondence, information and draft Statutory Instruments provided as well as the accompanying NewERA advice, I, as the Minister for Public Expenditure and Reform have accordingly provided approval for the Minister for Transport to confirm the Schemes, as required under section 44(4) of the Transport Act 1950.
Implementation of the SIs is a matter for CIÉ and their parent department, D/Transport.
