Finian McGrath (Dublin North Central, Independent)
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1011. To ask the Minister for Transport, Tourism and Sport if he will support the IASS pensioners in 2015 (details supplied) as a matter of urgency; and if he will make a statement on the matter. [1323/15]

Paschal Donohoe (Dublin Central, Fine Gael)
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I would once again like to make it clear that resolution of the funding difficulties in the IASS is primarily a matter for the Trustees, the companies participating in the scheme, the scheme members and the Pensions Authority.

Pension schemes are closely regulated under Irish and European pension law and the Pensions Authority is the national statutory regulatory authority in Ireland. 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. Pensioners enjoy better protections under the rules than other categories of pension scheme member, such as active members or deferred pensioners. Policy in this regard is primarily a matter for my colleague the Tánaiste and Minister for Social Protection.

Section 50 of the Pensions Act was amended in 2013 by the Oireachtas to broaden the options available to the trustees of a pension scheme facing funding difficulties. These changes essentially spread the risk of scheme underfunding more evenly across all categories of scheme member, including pensioners. It is a matter for the trustees of the scheme, who are required under trust law to act in the best interest of all scheme members, to determine how the relevant provisions in the Pensions Acts might be applied.

The IASS Trustee has confirmed that the proposals that are now being implemented are in the overall best interests of the members of the IASS as a whole. As you know, this was also the view of the Expert Panel.

I am very conscious of the difficulties these necessary changes cause for many scheme members, including pensioners, but the risks that would have arisen for all members, the companies involved and the wider economy if this solution had not been implemented were even greater.