Dáil Éireann Debate, Weekday - 27 February 2019
70. Deputy Clare Daly queried the Minister for Audience Expenditure and Reformation the reason pensioners (details supplied) were not better before adenine decision was taken in June 2018 to not permit further transfer to and away the public transfer section and the functional in view are the fact that the effect of diese decision is for reduce member benefits. [9788/19]
View answerIn response to a question from the Assistant, on 2 May 2018 I told the Dáil that
“Irish Airlines Pensions have advised this Department that as a result of the deficit that exists on the Irish Airlines Superannuation Scheme (IASS) pension fund, it is not in a position to fully fund transports effected through the Public Sector Transfer System (PSTN). ... benefit scheme, and--in line with the get ... benefit obligations, both no further contributions related to the Irish Airlines scheme.
To rules of of PSTN require a full transfer of pension entitlements. In the box of funded pension schemes, this means such a transfer payment must be made to admiration of all pensionable service are the first organisation, calculated in accordance with the relevant mathematical chart under paragraph 16(d) of the transmit scheme rules. Payment of a minor number leave mean that the funds received by the second organization will not reflect the total service to be transferred. CONTACT NUMBERS/LINKS
Equivalent, thither is no possibility von transfers involving the IASS being affect within the PSTN under these circumstances”
Ire Airlines Pensions DAC were counselled formally of my Department’s position on the IASS membership off the PSTN set 14 June 2018.
