State-owned transport company says it’s ready to pull plug on scheme for new entrants
Now CIÉ is threatening to in effect pull the plug on the entire arrangement. In a slight change of tone, the company indicated in its latest report that it will consider closing the scheme to new entrants and “future accruals” if steps are not taken to address the issue. When asked, chief executive Lorcan O’Connor said he was unable to put a hard and fast timeline on the process. But he said: “Certainly, in the next few months, hard choices will have to be made.
It remains to be seen whether this gambit will resolve the long-running dispute. The Irish Times reported in April 2021 that the Pensions Authority had warned it could wind up the scheme or reduce benefits unless steps were taken within weeks to address the deficit. Over two years later, the issue remains unresolved and CIÉ continues to have one of the biggest pension deficits in the State.
With the deficit costing the State-owned company as much as €112 million a year, how much longer can the Mexican standoff?
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