Eamon Ryan (Dublin Bay South, Green Party) | Oireachtas source

I thank the Deputy for her question and for the opportunity to update the House on the status of the CIÉ regular wages scheme.

As many Deputies are aware, the CIÉ Group has two pension schemes, namely the regular wages scheme and the 1951 superannuation scheme and issues relating to these schemes are primarily a matter for the trustees, the CIÉ Group and its employees. That being said, I understand that the CIÉ group is actively engaged in introducing changes to both schemes aimed at rectifying a significant deficit that currently exists in order to meet the statutory minimum funding standard required by the Pensions Authority.

A ballot of the members of the regular wages scheme on a proposal by the Workplace Relation Commission, WRC, took place in June 2020 and was carried by 83% of those who voted. The proposed changes were agreed by the trustees of the scheme, the employees and the CIÉ Group following extensive and prolonged engagement between all parties.

Following this process, CIÉ prepared and submitted draft statutory instruments to my Department to give effect to the proposed amendments, to establish a new defined contribution scheme, and to consolidate the existing statutory instruments comprising the main scheme. These changes involve significant amendments which are necessary to address the minimum funding standard requirements.

As the Deputy is aware, there are a number of steps involved before a statutory instrument can be made, including the statutory consultation process which took place and ended on 28 February 2022. Officials in my Department are reviewing the submissions received and processing some minor textual edits through legal advisers. I expect that this due diligence will be completed shortly. Thereafter, a report and the final statutory instrument will be submitted to me for consideration. I must also consult with the Minister for Public Expenditure and Reform, as required under the transport Act.

On the Deputy’s query regarding backdating of benefits for those who have retired or are due to retire shortly, the draft statutory instruments provide that benefit improvements will apply retrospectively from the date of the ballot in June 2020.

I reassure the Deputy that the Department is working to finalise the statutory instruments as expeditiously as possible.

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