Fergus O'Dowd
Ceist:636. Deputy Fergus O'Dowd asked the Minister for Transport, Tourism and Sport his views on a pension matter in respect of a person (details supplied); and if he will make a statement on the matter. [5963/15]
Amharc ar fhreagraTuesday, 10 February 2015
Ceisteanna (636)
Freagraí scríofa
I would once again like to make it clear that resolution of the funding difficulties in the IASS is primarily a matter for the Trustees, the companies participating in the scheme, the scheme members and the Pensions Authority.
Pension schemes are closely regulated under Irish and European pension law and the Pensions Authority is the national statutory regulatory authority in Ireland. There are prescribed procedures and limitations in place governing any reductions in pension rights introduced to address funding difficulties in a scheme such as the IASS.
The IASS Trustee has confirmed that the proposals that are now being implemented are in the overall best interests of the members of the IASS as a whole. As you know, this was also the view of the Expert Panel.
I am very conscious of the difficulties these necessary changes cause for many scheme members, including pensioners, but the risks that would have arisen for all members, the companies involved and the wider economy if this solution had not been implemented were even greater.
It should be noted that no formal offer has yet been made by IAG for Aer Lingus. Remuneration matters in Aer Lingus are a matter for the Board of Aer Lingus in the first instance and the Remuneration report is considered at Annual General Meetings of the company. The Deputy will be aware that the State's shareholding voted against the non-binding resolution on the consideration of the Remuneration Report last year at last year's Annual General meeting at which the 2013 Annual Report and Accounts were considered due to circumstances that were outlined by my predecessor at the time and which are on the record of the House. While many other shareholders supported the government's position, most did not and the remuneration report was approved.
Question No. 637 answered with Question No. 634.