Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

Last Monday night, the Minister for Transport, Tourism and Sport, Deputy Paschal Donohoe signed the commencement order to the State Airports Act giving power to the trustees of the pension scheme of workers in Dublin Airport, Aer Lingus and SR Technics very significantly to slash the pensions of the members of the scheme, divided between retired, deferred and active. It is the first time in the history of the State that a Government has legislated to change a private pension scheme and to effect such draconian cuts to people’s pensions. Some 5,000 retired workers from Aer Lingus, Dublin Airport, SR Technics and other companies will lose the equivalent of six weeks’ pay per annum in addition to the 2.5% they will lose as a result of the Government’s pension levy, and it will be in perpetuity. In some cases the loss will be as high as €250 per month. The most savage cuts of all have been reserved for the deferred members of the scheme, who were told it was compulsory that they sign up and pay pension contributions and whose pensions will be cut by 50% or more. I do not know how anybody could justify it. A woman who will be 65 next year and who is expecting €30,000 will receive €15,000.

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