Resolution of the funding difficulties in the Irish Airlines Superannuation Scheme (IASS), where there is a deficit of over €760 million, is a matter for the Trustees, the companies participating in the Scheme, the members and the Pensions Board. The deficit in the scheme has arisen over the years as the companies and the members did not put enough into the scheme to match the benefits that were expected/promised. Resolution of the issues will involve contributions from all the parties involved.
The trustees of the IASS announced in February that they had decided in principle on a number of changes to address the funding difficulties of the scheme. 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: active, deferred and pensioner.
Following consultations among the Department of Transport, Tourism and Sport, the Department of Jobs, Enterprise and Innovation, IBEC and ICTU, an Expert Panel was established on the 3rd of March to carry out an investigation of how the industrial relations issues relating to the scheme could be resolved.
On the 30th of May, the Expert Panel updated the Departments, IBEC and ICTU on progress to date. The Panel has confirmed that it has had a productive round of engagements with the various stakeholders. The Expert Panel is expected to submit their final report within the next week.