Finian McGrath
Question:251. Deputy Finian McGrath asked the Minister for Transport, Tourism and Sport the position regarding the pension of an aircraft maintenance firm in respect of a person (details supplied) in Dublin 5. [25150/14]
View answerThursday, 12 June 2014
Questions (251)
Written answers
Resolution of the funding difficulties in the Irish Airlines Superannuation Scheme (IASS), where there is a deficit of over €760m, is a matter for the Trustees, the companies participating in the Scheme, the members and the Pensions Authority. 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. 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 or pensioner. It is not clear whether the Deputy's question is referring to a deferred or pensioner member of the scheme.
The 2013 legislation referred to is the Social Welfare and Pensions (No.2) Act 2013, under which the Trustees may reduce pensions in the course of payment under a Section 50 Order made by the Pensions Board, subject to various conditions. Queries regarding future payments under the scheme and the spouses and children scheme are best put directly to the Trustees by members.