Oireachtas Joint and Select Committees

Wednesday, 9 July 2014

Joint Oireachtas Committee on Transport and Communications

CIE: Chairman Designate

11:30 am

Ms Vivienne Jupp:

I apologise for the fact that I forgot to answer it. The deficit in the two CIE defined benefit pension schemes was €118 million at the end of 2013. This was €73 million less than the figure for 2012 as a result of the fact that the overall economy had done a little better. The deficit is more significant in what is termed the executive scheme and amounts to €301 million. In the regular wages scheme, the deficit is €116 million. The deficit is dependent on the discount raised and used to value the future pension liabilities of the scheme. That is influenced by bond yields, etc. We submitted a proposal to the Irish Pensions Board in the context of meeting the minimum funding standard and that has been approved.