Thursday, 16 December 2021
Department of Transport, Tourism and Sport
The CIÉ Group has two pension schemes, namely the Regular Wages Scheme ("RWS") and 1951 superannuation scheme ("1951 Scheme"), and issues in relation to CIÉ pension schemes are primarily a matter for the trustees of the schemes, the CIÉ Group and their employees.
In relation to the RWS, CIÉ has prepared and submitted draft Statutory Instruments (SIs) to give effect to the proposed changes to the scheme. These changes involve significant amendments to the Scheme which are necessary in order to address the Minimum Funding Standard requirements under the Pensions Act. These changes have been agreed by the trustees of the schemes, the employees and the CIÉ Group following extensive and prolonged engagement between all parties.
There are a number of steps involved before an SI can be made, including the statutory consultation process. It is expected that the details of the SIs will be settled shortly and published thereafter as part of the consultation process. In this context, I would like to reassure the Deputies that my Department, in consultation with advisors in NewERA, are working on the draft SIs as expeditiously as possible.