Sean Barrett (Independent) | Oireachtas source

I note that the Minister for Transport, Tourism and Sport has said there is no justification for an aviation strike at present. This would do serious damage to the country as Cork, Shannon and Dublin airports would be affected. We are trying to revive tourism and business in the country and we are more dependent on air transport than any other member state of the European Union. The basis for the strike is a €780 million deficit in the pension funds of the airports and Aer Lingus. The way out of this is that the trustees should submit a new funding proposal to the pensions regulator.

The pensions regulator should report to the Oireachtas on how these deficits have arisen, such as added years, early retirement schemes which are not properly funded and excessive administration fees, which has been an issue in the United Kingdom lately. There are also poor investment policies, where the investment managers are heavily rewarded but invest badly. Inexplicably, there has been a failure to anticipate increased life expectancy. It has been no secret for well over 100 years that life expectancy is increasing. The pensions regulator should report to Parliament and the trustees should submit a new funding proposal, but we should not damage the economy - I support the Minister, Deputy Varadkar, in that regard - by having an aviation strike at this vital stage in our economic recovery.