There's two ways to fix it...permanently and removable.
Permanently....
Get a product (at HD/Lowe's) made by Sakrete called "Anchor" "Bolt and rail cement". It sets up VERY fast so be fully prepared before using it.
Then, if you don't have them already, you can get plastic escutceons that will cover the new cement you're about to pour. Slip them up on the rail.
Next build a brace that will allow you to quickly set the rail in it's correct position inside the holes.
Then, with the rail out, fill the holes about 90% full of the mixed anchor concrete (You've got about 1 minute from this point), and quickly place the rail down into the mix and resting on the prebuilt brace. Done. Give it another minute and slide the escutcheons down over your work and enjoy!
Removable.....
Essentially the same process except you'll need two rail anchors made specifically for pool rails and ladders. Make holes in the concrete big enough to accept the anchors with just enough clearance to get a little cement around them. If you get the hole too big, the escutcheons will not cover your work. Set the plastic anchors into the same mix and smooth and level it quickly. Then, simply place the rail inside the anchors and tighten the bolts onto the rail. You can then remove the rail anytime you choose.
Of course, the hard part is getting a uniform hole in that twenty-year old concrete. A 4" core bit and a powerful hammer drill makes for the nicest work but not something everyone has in their shop.
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