Cian O'Callaghan (Dublin Bay North, Social Democrats)
Link to this: Individually | In context | Oireachtas source

51. To ask the Minister for Transport, Tourism and Sport if his attention has been drawn to the CIÉ 1951 Pension Scheme, which has now met minimum funding standards and is solvent; if he plans to approve any amending statutory instruments for the scheme; if he will ask CIÉ to provide a report on outstanding information sought by the Committee of Trustees and the preliminary questions in the Elected Trustee Bulletin; if he will ask CIÉ to provide a report on outstanding questions asked by the Elected Trustees in relation to Agreed Actuarial Protocols; and if he will make a statement on the matter. [10425/23]

Éamon Ó Cuív (Galway West, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

52. To ask the Minister for Transport, Tourism and Sport if a proposal has been made to him to sign an amending statutory instrument changing the benefits of members of the CIÉ 1951 Pension Scheme; if not, if his attention has been drawn to any proposal to present such a draft statutory instrument to him; if it is his intention to refuse to sign any such instrument on the basis that it has been confirmed by the 1951 Committee of Trustees independent actuary that the 1951 Scheme now meets the Minimum Funding Standard provisions of the Pensions Act 1990 and is solvent; and if he will make a statement on the matter. [10442/23]

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

I propose to take Questions Nos. 51 and 52 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.