Leo Varadkar (Dublin West, Fine Gael)

The Irish airlines (general employees) superannuation scheme, IASS, is a multi-employer scheme involving the employees of Aer Lingus, the Dublin Airport Authority and the now non-operational SR Technics. Following the enactment of the State Airports Bill 2004, all former employees and pensioners of Aer Rianta became employees and pensioners of the DAA and are, accordingly, covered by this same superannuation scheme. DAA pensioners and employees constitute a minority of the members of the IASS. DAA membership constitutes around 27% of the total, with Aer Lingus and SRT representing 69% and 4%, respectively. The scheme is closed to new entrants.

Pension entitlements and pensions in payment under the scheme are primarily matters for the trustees, the members and the companies participating in the scheme. I understand, however, that the trustees for the IASS have advised the participating employers and membership that the preliminary results of the March 2011 actuarial valuation of the scheme indicate a significant deficit as measured using the statutory minimum funding requirement. A final actuarial report is expected by the end of the year. I understand it is expected that the trustees of the scheme will make proposals at that stage on how to address the deficit. I have been informed by the DAA that it continues to work with the other stakeholders to identify solutions and that it remains hopeful of a negotiated resolution of the current pension challenges.

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