Michael Creed (Cork North West, Fine Gael)
Link to this: Individually | In context | Oireachtas source

174. To ask the Minister for Transport, Tourism and Sport the correspondence or communication, if any, which he has had with the board of CIE regarding the solvency or otherwise of the pension fund; if he has received a request from the board of CIE, or trustees of the pension fund, to sign or vary any statutory instrument governing disbursements from the fund; if he is satisfied that the fund now meets the minimum funding standard provisions of the Pensions Act 1990; and if he will make a statement on the matter. [9572/23]

Michael Creed (Cork North West, Fine Gael)
Link to this: Individually | In context | Oireachtas source

175. To ask the Minister for Transport, Tourism and Sport if he has sought a detailed explanation from the board of CIE in respect of investment decisions regarding the pension scheme (details supplied); if he has sought details regarding CIE’s pension investment advisors' contact with the board in respect of these investments; if he is satisfied that the board acted appropriately with regard to its fiduciary duties in this matter; and if he will make a statement on the matter. [9575/23]

Eamon Ryan (Dublin Bay South, Green Party)
Link to this: Individually | In context | Oireachtas source

I propose to take Questions Nos. 174 and 175 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.