Dessie Ellis (Dublin North West, Sinn Fein)
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2. To ask the Minister for Transport, Tourism and Sport if he will seek a meeting with the Department of Social Protection with representatives of the deferred members of the Irish aviation superannuation scheme in order to plan for a resolution to avoid the large cuts these members are being asked to take in their pensions. [46498/14]

Dessie Ellis (Dublin North West, Sinn Fein)
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I ask the Minister to seek a meeting with the Minister for Social Protection and representatives of the deferred members of the Irish aviation superannuation scheme in order to plan for a resolution to avoid the large cuts these members are being asked to take in their pensions.

Paschal Donohoe (Dublin Central, Fine Gael)
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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.

Dessie Ellis (Dublin North West, Sinn Fein)
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The long-service deferred members of the IASS are very upset that the Minister has decided to move on the implementation of the State Airports Act, which allowed for the restructuring of IASS pensions. The deferred members are now facing a loss of 50% of their pensions, which should not happen to anyone. The Minister is washing his hands of responsibility and blaming the trustees. If the Minister's Oireachtas pension was cut by 40% or 50% down the road, he would be up in arms. These people have taken the brunt of this. They were not properly represented on the original-----

Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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A question, please.

Dessie Ellis (Dublin North West, Sinn Fein)
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Can the Minister not do something further on this? He should meet the Minister for Social Protection to come up with a solution. This is a viable company with money and other assets. These people should not be thrown to the wolves. Just because they are deferred members and their pensions have not kicked in yet does not mean they are not suffering the brunt of the cuts in many cases.

Paschal Donohoe (Dublin Central, Fine Gael)
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I have met individual members who have been affected by this. It is my intention to meet a representative number of the deferred members today to discuss the matter. I am very much aware of the personal difficulty that many of them face.

Alongside that, the pension fund now has a deficit of over €750 million. The funding made available to deal with the issue is €270 million, out of which €60 million is being set aside to deal with the needs of deferred members. That €60 million is an increase of €20 million from when the latest phase of the process began.

The Deputy mentioned my signing of the commencement order. What would the consequences have been if that order had not been signed? The trustees wrote to me requesting that this happen. If I had not signed that order, a fund that has a deficit of more than €750 million would have found itself in an unknown situation in which, I believe, the consequences would have been worse for all members of that fund.

Dessie Ellis (Dublin North West, Sinn Fein)
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The Minister has said that if he had not signed the order the whole scheme would have been in trouble. However, he should not sign something at the expense of one group of workers whose pensions have been cut by 40% to 50%. That is bad policy and sets a bad precedent. I am glad the Minister is meting the deferred members and I hope he comes up with some solution. Surely money can be found somewhere to fill that gap. The Minister has said the Government is tight on funds and he has basically said it is up to the company - the trustees - to deal with it. This was originally a State company, and on that basis, surely the State has some responsibility.

Paschal Donohoe (Dublin Central, Fine Gael)
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This is a private pension fund. I am very much aware of the consequences that people are facing as a result of this. However, if I had not signed the commencement order, the Deputy would now be asking me why I had not done so. A pension fund with 15,000 members and a deficit of €750 million would have been facing unknown consequences. There would have been consequences for people who are already drawing on the pension fund. Other bodies, including the trustees and the Pensions Authority, would then have had to make a decision as to what to do.

This is a privately owned pension fund upon which a large number people are reliant. With the choices available to me, I am trying to salvage funding to deliver the best possible chance to people of having a pension in the future. I reiterate that it is a private pension fund. Is the Deputy suggesting that the taxpayer should make a contribution to that? If I had not signed the commencement order, the Deputy would be in here asking me why I had not done that and why a fund upon which so many people are reliant was facing an even higher level of risk than at the moment.