Pension Provisions

Dáil Éireann Debate, Wednesday - 2 May 2018

Wednesday, 2 May 2018

Ceisteanna (88)

Clare Daly

Ceist:

88. Deputy Clare Daly asked the Minister for Public Expenditure and Reform further to Parliamentary Question No. 383 of 20 June 2017 and other statements from his Department (details supplied), the position regarding persons with this legislation benefit under the Irish airlines superannuation scheme who wish to transfer from IASS to other schemes within the PSTN at full value of their benefits prior to December 2014; and if he will make a statement on the matter. [19226/18]

Freagraí scríofa

Minister for Public Expenditure and Reform

Irish Airlines Pensions has advised this Department that as a result of the deficit that exists on the Irish Airlines Superannuation Scheme (IASS) pension fund, it is not in a position to fully fund transfers effected through the Public Sector Transfer Network (PSTN).

The rules of the PSTN require a full transfer of pension entitlements. In the case of funded pension schemes, this means that a transfer payment must be made in respect of all pensionable service with the first organisation, calculated in accordance with the relevant actuarial tables under paragraph 16(d) of the transfer scheme rules. Payment of a lesser amount will mean that the funds received by the second organization will not reflect the full service to be transferred.

Accordingly, there is no possibility of transfers involving the IASS being effected within the PSTN under these circumstances.