Eoin Ó Broin
Question:157. Deputy Eoin Ó Broin asked the Minister for Transport if he will confirm he will not take any actions that would amend the benefits of members of a pension scheme (details supplied). [10610/23]
View answerThursday, 2 March 2023
Questions (157, 158, 167, 182, 183, 184)
Eoin Ó Broin
Question:158. Deputy Eoin Ó Broin asked the Minister for Transport if he is aware that a group (details supplied) has requested information from an organisation; and if he will ensure the information is provided to the group. [10611/23]
View answer
Réada Cronin
Question:167. Deputy Réada Cronin asked the Minister for Transport if he will examine matters in relation to the CIÉ 1951 scheme (details supplied), given he has been satisfied by the trustees as to the liquidity of the fund; and if he will make a statement on the matter. [10653/23]
View answer
Emer Higgins
Question:182. Deputy Emer Higgins asked the Minister for Transport if he will request that Córas Iompair Éireann provide a detailed explanation, including all of the outstanding information sought by the statutory ‘1951 Scheme’ Committee of Trustees, in respect of the 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 provide answers to the preliminary questions outlined in the Elected Trustee Bulletin, dated 20 February (details supplied). [10780/23]
View answerEmer Higgins
Question:183. Deputy Emer Higgins asked the Minister for Transport if he will compel Córas Iompair Éireann to provide answers to the questions posed by Elected Trustees in relation to Agreed Actuarial Protocols, as outlined in their Elected Trustee Bulletin, dated 20 February 2023. [10781/23]
View answerEmer Higgins
Question:184. Deputy Emer Higgins asked the Minister for Transport if his attention has been drawn to a campaign asking that he not sign any amending statutory instrument changing the benefits of members of the CIÉ ‘1951 Scheme’ because 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; and if he will make a statement on the matter. [10805/23]
View answerWritten answers
I propose to take Questions Nos. 157, 158, 167 and 182 to 184, inclusive, together.
Issues in relation to CIÉ pension schemes are primarily a matter for the trustees of the schemes, the CIÉ Group and their employees.
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 Deputies 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. The deputies 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.
The questions raised by the Deputies in relation to the 1951 scheme are matters for CIÉ. I have, therefore, referred the Deputies questions to CIÉ for direct reply. Please advise my private office if you do not receive a reply within ten working days.
A referred reply was forwarded to the Deputy under Standing Order 51
Question No. 158 answered with Question No. 157.