Written answers

Wednesday, 18 April 2012

Department of Transport, Tourism and Sport

Pension Provisions

10:00 pm

Photo of Joe HigginsJoe Higgins (Dublin West, Socialist Party)
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Question 1433: To ask the Minister for Transport, Tourism and Sport the reason the Irish airlines superannuation scheme, the pension scheme for Dublin Airport Authority workers, has not been frozen in view of the uncertainty surrounding that scheme. [19199/12]

Photo of Joe HigginsJoe Higgins (Dublin West, Socialist Party)
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Question 1434: To ask the Minister for Transport, Tourism and Sport the reason Dublin Airport Authority workers are being forced to pay pension contributions into a scheme that is in severe financial difficulty and may not pay out any of the money they have put into it because of what appears to be poor investment strategy and lack of regulation and governance. [19200/12]

Photo of Leo VaradkarLeo Varadkar (Dublin West, Fine Gael)
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I propose to take Questions Nos. 1433 and 1434 together.

The Irish Airlines (General Employees) Superannuation Scheme (IASS) is a multi-employer scheme involving the employees of Aer Lingus, Dublin Airport Authority (DAA) and the now non-operational SRT Technics. Pension entitlements and pensions in payment under this scheme are primarily matters for the Trustee, the members and the companies participating in the scheme and I have no operational responsibilities in that regard but it is important to state that this scheme is closed to new entrants. I understand that the Trustee of the IASS has advised the participating employers and membership that the results of the March 2011 actuarial valuation of the scheme indicates a significant deficit as measured under the statutory minimum funding standard. Resolution of the funding difficulties in the scheme is a matter for the Trustee, the companies participating in the scheme and the members. I understand that the parties are participating in discussions with the assistance of the Labour Relations Commission to identify solutions. My Department is not a party to these discussions.

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