Cormac Devlin (Dún Laoghaire, Fianna Fail)
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229. To ask the Minister for Transport, Tourism and Sport if he will provide an update on correspondence and meetings by his officials around the CIÉ 1951 Pension Scheme; if he will confirm that no changes will be made the underlying statutory instrument until there has been full consultation with stakeholders; and if he will make a statement on the matter. [22609/23]

Eamon Ryan (Dublin Bay South, Green Party)
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As the Deputy may be aware, the CIÉ Group is actively engaged in introducing changes to their pension schemes aimed at rectifying the significant deficit in order to meet the statutory Minimum Funding Standard required by the Pensions Authority. The changes also aim to sustain the pension schemes into the long-term.

The Balance Sheet deficit at the end of 2021 for the two defined benefit pension schemes operated by CIÉ, namely the Regular Wages Scheme (“RWS”) and 1951 superannuation scheme (“1951 Scheme”), was €846m. Officials in my Department are actively engaging with CIÉ in relation to the 2022 end of year position and have been advised by CIÉ that these figures will be finalised in the coming weeks when the Scheme Actuary submits an Actuarial Funding Certificate and a Funding Standard Reserve Certificate to the Pensions Authority reflecting the updated Balance Sheet position.

In relation to CIÉ's Regular Wages Scheme (RWS), I signed three Statutory Instruments related to the RWS on 6th July 2022, with an operative date of 18th July 2022.

In regards to the 1951 Scheme, CIÉ has prepared and submitted a draft SI to give effect to Labour Court recommendations for the 1951 Scheme, as passed by ballot of trade union members in May 2021. This is being considered by my Department in conjunction with NewERA. The Deputy may also be aware that 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.

As issues in relation to CIÉ pension schemes are primarily a matter for the trustees of the schemes, the CIÉ Group and their employees, I have referred the Deputy's question to CIÉ for direct reply. Please advise my private office if you do not receive a reply within ten working days.