Denis Naughten (Roscommon-Galway, Independent)
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169. To ask the Minister for Transport, Tourism and Sport if his Department is drafting an amendment to the Statutory Instrument changing the benefits of members of the CIÉ '1951 scheme' pension scheme; and if he will make a statement on the matter. [9511/23]

Claire Kerrane (Roscommon-Galway, Sinn Fein)
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200. To ask the Minister for Transport, Tourism and Sport if he will provide an update on the CIE pensions 1951 scheme, with regard to any amendments or changes to provisions for members; if he will advise on a specific matter (details supplied); and if he will make a statement on the matter. [10013/23]

Willie O'Dea (Limerick City, Fianna Fail)
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202. To ask the Minister for Transport, Tourism and Sport if he will consider not signing any amending Statutory Instrument changing the benefits of members of the CIÉ 1951 scheme given that 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; if he will ask CIÉ to provide a detailed explanation, including all of the outstanding information sought by the statutory 1951 scheme committee of trustees in respect of the alleged 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, which lead to an as yet unspecified financial loss to the pension scheme it was responsible for; and if he will make a statement on the matter. [10087/23]

Eamon Ryan (Dublin Bay South, Green Party)
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I propose to take Questions Nos. 169, 200 and 202 together.

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 Deputy 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.

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. However, 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 questions raised by the Deputy in relation in relation to the 1951 scheme are an operational matter for CIÉ. I have, therefore, referred the Deputy's question to the company for direct reply. Please advise my private office if you do not receive a reply within ten working days.