Dáil Éireann Debate, Wednesday - 18 September 2013
1639. Deputy Sean Fleming asked the Minister for Transport, Tourism and Sport his views on the deficit in the Dublin Airport Authority pension scheme; if he understands this scheme to be a defined contribution scheme or the defined benefit scheme; and if he will make a statement on the matter. [37446/13]
View answerThe Irish Airlines (General Employees) Superannuation Scheme (IASS) is a multi-employer scheme involving the employees of Aer Lingus, Dublin Airport Authority (DAA), Shannon Airport Authority (SAA) and the now non-operational SRT Technics.
Pension entitlements and pensions in payment under this scheme are primarily matters for the Trustees, the members and the companies participating in the scheme and I have no operational responsibilities in that regard but it is important to state that this scheme is closed to new entrants.
Under the IASS, fixed contributions are payable by the employers and members regardless of the funding position of the IASS. Both the benefits and the contributions are defined within the scheme rules. The scheme is registered and operated as a defined benefit scheme under the Pensions Board criteria due to the benefits it seeks to provide and accounted for as a defined contribution scheme by the sponsoring employers due to the fixed funding covenant.
I understand that the Trustees of the IASS have advised the participating employers and membership that the results of the March 2011 actuarial valuation of the scheme indicates a significant deficit as measured under the statutory minimum funding standard.
Resolution of the funding difficulties in the scheme is a matter for the Trustees, the companies participating in the scheme, the members and for the Pensions Board. The parties have participated in discussions with the assistance of the Labour Relations Commission and the Labour Court to identify solutions. Once agreement is reached among all parties, I understand that it is intended that union members will be balloted over the coming months on the proposals.
