An agreed solution was implemented to address the IASS pension funding problems earlier this year. The solution that has been implemented is a matter for the pension scheme trustee, the companies participating in the scheme, the scheme members and the Pensions Authority.
Under the agreed solution the total contribution by the IASS employers aimed at resolving the IASS difficulties amounts to over €260m. This includes almost €20m in extra funding by the employers in addition to the €40m that had already been made available for deferred members, bringing the full amount for this group to €60m.
The IASS trustee has confirmed that these measures are in the overall best interest of the members of the IASS as a whole and are fully compliant with National and EU law.
The agreed solution will continue to be implemented in compliance with National and EU law irrespective of who owns Aer Lingus. For that reason, IAG's Offer for Aer Lingus, which has already closed, and the Government's decision to sell the State's 25.1% shareholding to IAG, are not relevant to the IASS pension arrangements.
