IASS Pension Update
Wednesday 15th October 2014
Last month I advised that you will begin to receive a substantial amount of information about how the deficit in the Irish Aviation Superannuation Scheme (IASS) is to be addressed, including your detailed Personal Illustration. This special bulletin is to provide you with relevant information about what happens next.
Last night (Tuesday 14th), at the AGM of the IMPACT’s Cabin Crew branch, we discussed the imminent union ballot on the company’s proposals. A copy of the information provided at that meeting, and the collective agreement that you will be balloted on to approve, is attached HERE.
In addition, the actuarial assessment of the current deficit (€707 million), is available HERE.
The group of unions had requested a check to ensure that the proposed lump sums have been calculated correctly, and also to verify if the proposed arrangements are capable of meeting the targets of pensionable pay set by the Labour Court. This document is an assessment from an independent actuary. The actuary analysed a random sample of 75 individual calculations and has confirmed that the proposed arrangements are sufficient to meet the targets that have been set by the Labour Court.
With regard to the waiver (which asks each employee to record their individual agreement to the proposals, and confirms that these are a full and final settlement of all current matters relating to pension) we asked Aer Lingus to provide a frequently asked questions (FAQ) document. I expect this in the next day or two and will put it up on our dedicated IASS webpage as soon as it’s available.
Finally, the group of unions has prepared all-union ballot papers and information packs. We intend to issue these later this week, along with a pre-paid envelope to return to the union for counting.
The information pack will contain details of all arrangements. It is vital to return this ballot paper to me in the pre-paid envelope by close of business Tuesday 4th November. In this context the ICTU Group of Airport Unions proposes to hold a series of meetings across the Airports. Details of the dates of these are HERE.
Services and Enterprises Division