Written answers

Tuesday, 25 March 2014

Department of Transport, Tourism and Sport

Pension Provisions

Photo of Finian McGrathFinian McGrath (Dublin North Central, Independent)
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1243. To ask the Minister for Transport, Tourism and Sport the position regarding pension loss in respect of a person (details supplied); and if he will make a statement on the matter. [13096/14]

Photo of Leo VaradkarLeo Varadkar (Dublin West, Fine Gael)
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There are over 5,000 deferred members of the IASS and I am very aware of their concerns in relation to the funding of the scheme. However, as Minister for Transport, Tourism and Sport I have no function in relation to the administration of the scheme. The resolution of the funding difficulties in the scheme is primarily a matter for the trustees, the members of the scheme, the companies participating in the scheme and the regulator of such pension schemes - the Pensions Board.Pension Schemes are closely regulated under Irish and European pension law and the Pensions Board is the statutory regulator. There are prescribed procedures and limitations in place governing any reductions in pension rights introduced to address funding difficulties in a scheme such as the IASS. Policy in this regard is primarily a matter for my colleague the Minister for Social Protection.

The trustees of the IASS announced in February that they had decided in principle on a number of changes to address the funding difficulties of the scheme. The trustees, who are central to any solution to the funding difficulties, are required by law to act in the best interests of all members, be they active, deferred or pensioner members. The letter from the trustees to the employers and unions formally requests them to give appropriate consideration to the position of the deferred members in further discussions. Following consultations between my Department, the Department of Jobs Enterprise and Innovation, IBEC and ICTU, an Expert Panel has been established to carry out a detailed investigation of how a final resolution of the industrial relations issues relating to the IASS can be secured.  That investigation will include discussions with the relevant stakeholders, including representatives of deferred members, and the Panel has been asked to make a preliminary report by the end of March.

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