Dáil Éireann Debate, Tuesday - 4 November 2014
1131. Deputy Michael McGrath asked the Minister for Transport, Tourism and Sport the position concerning possible changes to the pensions of persons currently in payment under the Irish airlines superannuation scheme pension scheme; if his attention has been drawn to the hardship this will cause for many persons; the steps being taken to resolve the issue; and if he will make a statement on the matter. [42089/14]
View answer1138. Deputy Terence Flanagan asked the Minister for Transport, Tourism and Sport his plans to address the issue of the proposed cuts for Irish airlines superannuation scheme deferred pensioners; his involvement to date in trying to resolve this issue; and if he will make a statement on the matter. [42263/14]
View answerI propose to take Questions Nos. 1131 and 1138 together.
Resolution of the funding difficulties in the Irish Aviation Superannuation Scheme (IASS), is primarily a matter for the Trustees, the companies participating in the scheme, the scheme members and the Pensions Authority. The process currently underway involves all of these stakeholders.
I can assure you that I do understand the concerns in relation to the funding of the scheme. However, such matters are governed in the first instance by the trust deed and rules of a pension scheme. In this regard the trustee of the scheme must, in the management of the scheme, act in the best interests of all scheme members and beneficiaries.
The Expert Panel established earlier this year was tasked with finding the fairest way to distribute the burden of resolving the current deficit in the scheme, while addressing a range of other impediments. It has been clear for a long time that any solution to the complex problems of the IASS requires significant contributions from both employers and members of the scheme. Moreover, the current status of the pension scheme cannot continue indefinitely as there are legislative requirements which mean that the deficit needs to be addressed. My whole focus is on a solution being put in place to resolve the funding difficulties which would achieve the best possible outcome for all concerned.
It is important to emphasise that it is also the Expert Panel's definitive view that the proposed measures represent the best possible outcome that can be achieved and that if this final opportunity to resolve this very protracted problem is not grasped now, the situation facing members of the IASS will deteriorate further.
I agree with the Panel’s view and I sincerely believe that, in the circumstances, the proposed package of measures offer the best possible outcome for all concerned.
