Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

The expert panel's report is the best chance we have to resolve this long-standing problem. I am concerned that it may be the last chance, because if the Pensions Authority winds up the pension scheme, current pensioners may be protected but the deferred pensioners and active members of the scheme may lose almost everything, which would be a disaster. We have an opportunity to grasp the nettle and use the expert panel report as the basis for a solution. This would be good for current and former staff because it would finally give them certainty about their pensions. Individual staff will want to know exactly how much they will receive, and this will take time to work out, but in the vast majority of cases, if not all cases, the sum involved will be more than half their final salary, which is similar to or better than the position of public servants.

A solution would also be good for the companies involved as it would provide security and allow their share prices to rise. Moreover, it would be good for the economy, taxpayers and the tourism industry because it would provide greater security against the threat of further industrial relations disputes.

I have been in touch with the chairman of Aer Lingus and at least one of the Government-appointed directors of the company's board. The Government appointees must put the fiduciary interests of the company first.

The shareholder vote in Aer Lingus will be difficult and a specific outcome cannot be guaranteed. Some people may believe the only ballot will be of staff, but that is not the case. Aer Lingus shareholders will also be balloted and it will be difficult to secure their agreement on any proposed solution.

While I have not yet had an opportunity to discuss the expert panel's report with the board of the Dublin Airport Authority, I will do so.

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