Future of CIÉ’s €1.5bn pension fund hangs on High Court decision
Despite a recent upturn in its fortunes, the thorny question of who is to pay for the transport provider’s scheme going forward is far from settled
Just who will step in and bridge the funding gap in one of the state’s biggest public pension funds?
That’s the question that has for several years remained stubbornly, and often bitterly, unresolved in relation to the CIÉ’s Superannuation Scheme 1951, which has assets worth €1.5 billion.
It’s not an insignificant issue. It could have a huge impact on the retirement income of nearly 5,000 people — 2,300 active members and 2,300 pensioners — who might have to work longer and have less money in retirement. Or, conversely, on CIE itself. Last week, Lorcan O'Connor, the chief executive, told the Business Post that if CIE had to make up the deficit itself, "the group could not continue to operate".
