Michael McGrath (Cork South Central, Fianna Fail)
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610. To ask the Minister for Transport, Tourism and Sport the position regarding changes to the pensions of persons currently in payment under the Irish Aviation Superannuation Scheme; if his attention has been drawn to the hardship this will cause for many persons; the steps being taken to resolve the issue; and if he will make a statement on the matter. [3839/15]

Michael McGrath (Cork South Central, Fianna Fail)
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611. To ask the Minister for Transport, Tourism and Sport the steps he will take to ensure that the deferred members of the Irish airlines superannuation scheme are treated in a fair and equitable manner; and if he will make a statement on the matter. [3840/15]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 610 and 611 together.

I would once again like to make it clear that the solution that has been implemented to address the funding difficulties in the IASS is 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. 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.

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 to address a scheme's funding problems.

The proposal from the IASS trustee was approved by the Pensions Authority and was implemented on 31 December 2014. The IASS trustee has confirmed that these measures are in the overall best interest of the members of the IASS as a whole and are fully compliant with National and EU law.

I am very conscious of the difficulties these necessary changes cause for many scheme members, 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.