Irish Airlines Superannuation Scheme

Dáil Éireann Debate, Tuesday - 10 March 2015

Tuesday, 10 March 2015

Ceisteanna (123)

Clare Daly

Ceist:

123. Deputy Clare Daly asked the Minister for Transport, Tourism and Sport the progress of the initiative proposed on 2 December 2014 by the Secretary General of his Department, and the Department of Jobs Enterprise and Innovation, to the expert panel on the Irish Airlines (General Employees) Superannuation Scheme dispute, in view of recent information which showed that there was a significant difference between the Dublin Airport Authority's assumptions and the assumptions recommended by the Society of Actuaries in Ireland, when direct-benefit schemes are in trouble; and if he will ask the Dublin Airport Authority and the Shannon Airport Authority to lift the imposed deadline of 15 March 2015 on signing waivers to allow these issues to be addressed; and if he will make a statement on the matter. [9990/15]

Freagraí scríofa

Minister for Transport, Tourism and Sport

The basis for the question, as submitted by the Deputy, is that there is a significant difference between the actuarial assumptions recommended by the Society of Actuaries in Ireland and those used by DAA to calculate its capital contribution to resolving the IASS problem.

The Deputy’s information here is incorrect. The assumptions used by DAA followed the standard guidelines used by the Society of Actuaries in Ireland, as recommended by the Expert Panel.

One union chose not to accept these assumptions and claimed that they were inappropriate.  Consequently, ICTU engaged its own actuarial consultants to carry out an independent review.  This review, which I reiterate was commissioned by ICTU, found that the assumptions were indeed appropriate.  As a result, the question of the assumptions ceased to be an issue in the engagement between the Expert Panel and the unions.

That engagement is now complete and the final determination of the Expert Panel was published yesterday.  The Deputy will be aware that the unions have agreed to put the determination of the Expert Panel to an immediate ballot and have confirmed that it will be made clear to members that this outcome is the absolute best that can be achieved in negotiations.

I wish to thank the Expert Panel for their immense work in delivering this agreement and I also wish to thank all parties to the engagement for their constructive approach.

The deadline of 15 March for the submission of waivers is a matter for DAA and Shannon Airport Authority.

Question No. 124 answered orally.