Tuesday, 11 March 2014

Questions (595)

Finian McGrath

Question:

595. Deputy Finian McGrath asked the Minister for Transport, Tourism and Sport his views on correspondence (details supplied) regarding the Irish aviation superannuation scheme [11569/14]

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Written answers (Question to Transport)

Following consultations between my Department, the Department of Jobs Enterprise and Innovation, IBEC and ICTU, an Expert Panel has recently been established to carry out a detailed investigation of how a final resolution of the industrial relations issues relating to the IASS can be secured.  That investigation will include discussions with relevant stakeholders and the Panel has been asked to make a preliminary report by the end of March. However, these efforts do not take away from the fact that as Minister for Transport Tourism and Sport, I have no function in relation to the administration of the IASS. The resolution of the funding difficulties in the scheme, which has a substantial and unsustainable deficit of over €700 million, is primarily a matter for the trustees, the members of the scheme, the companies participating in the scheme and the regulator of such pension schemes - the Pensions Board. The trustees have recently announced that they have decided in principle on a number of changes to address the funding difficulties. The trustees, who are central to any solution to the funding difficulties, are required by law to act in the best interests of all members, be they active, deferred or pensioner members.