The State-owned CIÉ transport group has signalled that it is moving to implement proposed changes to the pension scheme that covers managerial and administrative grades which is facing a deficit of more than €500 million. The group said it had notified the Minister for Transport, Eamon Ryan, that it was commencing the statutory process to implement the changes to the scheme as recommended by the Labour Court. The group believes the so-called 1951 scheme in the transport group is facing a deficit of about €550 million. Some staff members have contended that the €550 million figure is a notional or technical deficit and that the 1951 scheme is 98per cent funded. The CIÉ group would contribute a minimum of €320 million over the 10-year funding proposal.

Source: The Irish Times May 28, 2021 14:15 UTC