Dáil Éireann Debate, Tuesday - 7 March 2023
186. Deputy Paul Murphy asked the Minister for Transport if he will not sign any amending statutory instrument changing the benefits of members of the CIÉ '1951 Scheme' because the '1951' Committee of Trustees' independent actuary has confirmed that the '1951 Scheme' now meets the minimum funding standard provisions of the Pensions Act 1990 and is solvent; and if he will make a statement on the matter. [10819/23]
Amharc ar fhreagra187. Deputy Paul Murphy asked the Minister for Transport if he will insist that CIÉ provides a detailed explanation including all of the outstanding information sought by the statutory '1951 Scheme' Committee of Trustees. [10820/23]
Amharc ar fhreagra188. Deputy Paul Murphy asked the Minister for Transport if he will take action in respect of the failure of the CIÉ board to act in a timely manner in relation to investment decisions from the end of March 2020 to 13 May 2020 and which led to as yet unspecified financial loss to the pension scheme it was responsible for. [10821/23]
Amharc ar fhreagra189. Deputy Paul Murphy asked the Minister for Transport if he will insist that CIÉ provides answers to the preliminary questions in relation to the CIÉ '1951 Scheme' outlined in the Elected Trustee Bulletin, dated the 20 February 2023 (details supplied). [10822/23]
Amharc ar fhreagra190. Deputy Paul Murphy asked the Minister for Transport if he will insist that CIÉ answers the questions posed in relation to the CIÉ '1951 Scheme' by your Elected Trustees in relation to agreed actuarial protocols, as outlined in their Elected Trustee Bulletin, dated 20 February 2023. [10823/23]
Amharc ar fhreagra198. Deputy Duncan Smith asked the Minister for Transport if he plans to sign any amending statutory instrument changing the benefits of members of the CIÉ 1951 scheme; if CIÉ will provide a detailed explanation, including all of the outstanding information sought by the statutory 1951 scheme Committee of Trustees in respect of the failure of the Board of CIÉ to act in a timely manner in relation to investment decisions from the end of March 2020 to 13 May 2020; which CIÉ official was initially contacted by CIÉ's investment advisors when a crucial Board decision was required in early 2020 in relation to scheme investments; the steps that CIÉ official took when they were informed; if CIÉ will respond to the questions posed by its elected trustees in relation to agreed actuarial protocols, as outlined in its Elected Trustee Bulletin, dated 20 February 2023; and if he will make a statement on the matter. [11057/23]
Amharc ar fhreagraI propose to take Questions Nos. 186 to 190, inclusive, and 198 together.
Issues in relation to CIÉ pension schemes are primarily a matter for the trustees of the schemes, the CIÉ Group and their employees.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 the 1951 Scheme, CIÉ has prepared and submitted a draft SI to give effect to proposed changes to the 1951 scheme which 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. The additional questions raised by the Deputies in relation to the 1951 scheme are matters for CIÉ. 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.
