Dáil Éireann Debate, Wednesday - 7 July 2004
260 Mr. P. Breen asked the Minister for Transport if there is a shortfall in the funding of the Irish airlines pension; if there is also a shortage in the contributions in the Aer Rianta pension; the body which will fund the shortfall; the way in which staff in the Shannon and Cork authorities and retired staff in both Cork and Shannon will be affected; and if he will make a statement on the matter. [20706/04]
Amharc ar fhreagraThe Irish Airlines General Employees Superannuation Scheme, IAS scheme, is a multi-employer pension scheme which provides pensions for, inter alia, most Aer Lingus and Aer Rianta employees. Aer Rianta’s current and past employees comprise a minority of the membership of this scheme. The most recent actuarial valuation of the IAS scheme, March 2003, indicates, inter alia, that the fund is in surplus and that the actuary is able to provide the minimum funding standard certificate as required by the 1990 Pensions Act.
I should make it clear that pension entitlements for employees of commercial State bodies, including Aer Rianta and Aer Lingus, are matters primarily for the trustees, the members of the relevant scheme and the company or companies involved. The State has no involvement in the funding of these schemes.
In relation to the Irish airlines scheme, I understand that the employers, including Aer Rianta, have been meeting all of their liabilities towards the pension fund in accordance with the rules of the scheme.
The State Airports Bill 2004 which will give effect to the restructuring of Aer Rianta contains general provisions in relation to pensions and enables the new Cork and Shannon Airport authorities either to adhere to the current IAS pension scheme or establish a new scheme, subject to ministerial consent. This will enable each of the new airport authorities to join the existing pension scheme or, if they wish, to prepare a scheme for the granting of superannuation benefits to or in respect of employees of those authorities. In the latter case, each authority can establish schemes for its own employees or establish schemes in conjunction with the other airport authorities.
