Dáil Éireann Debate, Wednesday - 29 April 2015
42. Deputy Thomas P. Broughan asked the Tánaiste and Minister for Social Protection if she received the petition of the deferred Irish aviation superannuation scheme pensioners highlighting the effects that this is having on relevant persons' lives; and if she will make a statement on the matter. [16901/15]
View answerI am very aware of the issues arising and very negative consequences caused by the problems in the IASS scheme for all its members. However, you will appreciate that the funding difficulties in this scheme are primarily a matter for the Trustees, the companies participating in the scheme, the scheme members and the Pensions Authority.
The Pensions Act provides a framework for the regulation and supervision of occupational pension schemes. A number of changes have been made to the Pensions Act in recent years to assist employers and trustees respond to the funding difficulties encountered by many pension schemes. As you are aware the Pensions Act was amended in 2009 and again in 2013 to broaden the options available to trustees of pension scheme in the context of a restructure of scheme benefits. These changes provided for the sharing of the risk of underfunding in a scheme across all scheme members. The manner in which these options are exercised is a matter for the trustees of a scheme who are required under trust law to act in the best interest of scheme members and beneficiaries.
I met with the Minister for Transport, Tourism and Sport following the meeting with the deferred IASS Committee to discuss the matters raised by the Committee and specifically the proposals that more funding be made available for the longer serving deferred members. I understand that the Minister engaged further with the employers on the matter.
