While I am aware of the developments in the Irish Airlines Staff Superannuation Scheme, you will appreciate that it is not appropriate for me to comment on these developments as these are a matter for the management of the company and the trustees of the relevant pension scheme.
The Pensions Authority supervises the regulation of individual schemes in accordance with the Pensions Act. The trustees of a defined benefit pension scheme are required under the Pensions Act to maintain sufficient resources in the scheme to meet the liabilities of the scheme in the event of the wind up of the scheme. Where the scheme fails to meet this funding requirement, the trustees of the scheme are required to submit a funding proposal to the Pensions Authority outlining proposals to restore scheme funding. I understand that the trustees of the scheme and the Pensions Authority are engaged in this process.