Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

Resolution of the IASS funding difficulties is primarily a matter for the trustee, the companies participating in the scheme, the scheme members and the Pensions Authority. The trustee sought approval from the Pensions Authority for a funding proposal and requested me to commence legislative provisions to facilitate implementation, if approved. The trustee believes this is in the overall best interests of the members of the IASS.  This was also the view of the expert panel.

Following requests on behalf of deferred members that more funding be made available for this group, I engaged with the employers on the matter. However, it was clear that the funding proposed was the maximum that could be achieved.  Having considered the above and taking account of the significant deficit of €750 million, I signed the commencement order on 17 November.

I understand the Tánaiste who has overall responsibility for pensions legislation has met deferred members.  I met her and discussed their concerns.  I also met deferred members on an individual basis and plan to meet the deferred members' group shortly to set out my position.

I am conscious of the difficulties the funding proposals will cause for many members, but the risks that will arise for all members, the companies and the wider economy in the event of failure of this solution are even greater. I believe that the funding proposal put forward by the trustee offers the best possible outcome for all members, given the acute difficulties and unsustainable circumstances of the fund.

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