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CIÉ pension deficit a priority concern for firm
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Pension Provisions
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CIÉ staff accept pension scheme deficit proposals
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Trustees of CIE pension scheme could face prosecution
Updated / Thursday, 29 Apr 2021
16:49
CIE Group Chair Fiona Ross told an Oireachtas Committee that its total pension deficit across both schemes stood at €975 million at the end of last year
Industry and Employment Correspondent
The Pensions Authority has warned the trustees of a CIE pension scheme that they could face prosecution if they fail to submit a funding proposal to address the deficit in the scheme by 22nd June.
It has also told them that it is considering using its statutory powers to unilaterally cut members benefits under the scheme if a proposal is not received within that eight week period.
Industry and Employment Correspondent
The trustees of a CIÉ Group pension scheme which is hundreds of millions of euro in deficit are to ask the High Court for directions on how much the company must pay to plug the funding gap, RTÉ News has learned.
However, CIÉ has rejected suggestions that it alone is responsible for making up a shortfall of almost €800 million for the two schemes covering 10,000 workers in Irish Rail, Dublin Bus and Bus Éireann.
The company says proposed reforms which would see most staff working and contributing to the scheme for longer are essential to preserve the retirement benefits of the staff.