Pension Plan

February 20th, 2008 - Pat Breen

Dáil Question

No: 216_

*To ask the Minister for Transport if an independent evaluation of the Irish Airlines Pension Plan was carried out prior to the privatisation of Aer Lingus; if not, if his attention has been drawn to plans to do so prior to the break up of the Dublin Airport Authority; and if he will make a statement on the matter.

– Pat Breen.

* For WRITTEN answer on Wednesday, 20th February, 2008.

Ref No: 7168/08

REPLY

The Irish Airlines (General Employees) Superannuation Scheme is a multi-employer scheme in which the Dublin Airport Authority, Aer Lingus and SR Technics participate.

Pension entitlements under this scheme are primarily matters for the Trustees, the members of the scheme and the companies participating in the scheme. An actuarial valuation is carried out by the Scheme’s actuary generally every three years.

At the time of the Aer Lingus IPO the last actuarial valuation for the Irish Airlines (General Employees) Superannuation Scheme was carried out with an effective date of 31 March 2005. The next actuarial valuation is due in March this year.

Future pension arrangements will be one of the issues to be considered in the context of the separation of Cork and Shannon airports.