Timmy Dooley (Clare, Fianna Fail) | Oireachtas source

I thank the Minister for the comprehensive reply. I accept the point that it is not necessarily within the Minister’s gift to resolve the matter but he is a significant shareholder. I worked out that he has approximately an 18% responsibility through his shareholding in Aer Lingus and a 27% responsibility through his relationship with the DAA. Therefore, the Minister has a 45% responsibility in terms of the overall pension pot, which is significant. I do not think the Minister can afford to rely, or allow the pensioners involved in this situation to rely, on others to resolve the problem.

I understand the derogation that exists. I also understand the responsibilities of trustees of the pension fund. The State has a commitment to the workers as they were State employees - many of them still are - and therefore there is a responsibility on it to look after its employees and former employees. Many staff who were part of the privatisation of Aer Lingus believed they had certain insurances in that regard, as did those who worked with SR Technics. I appeal to the Minister to examine the matter from a legislative point of view, if necessary, or from the perspective of a Government decision in terms of putting in place a structure by which the pension fund could be brought in line with the requirements of the Pensions Board on the standard of funding that is required. I do not believe the State can in any way wash its hands and leave it to IBEC and others or the industrial relations machinery to resolve the situation. The Labour Court has already done its work and it has reached what it believes to be a suitable solution but that does not comply with the Pensions Board regulations. The latter indicated that it would take 70 years to reach the funding standard. Therefore, the Government must act.

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