CROWDVOICE

Why are Deferred Irish Aviation Superannuation Scheme (IASS) pensioners protesting?  WE STAND TO LOSE ON AVERAGE 50% OF OUR DB (Defined Benefit) PENSION WHY? 2009 PENSION ACT REMOVED DB DEFERRED MEMBERS FROM LEGISLATIVE PROTECTION – Aer Lingus & daa have exhausted much of the surplus in the Scheme by not funding pension promises in their redundancy schemes correctly over the last several decades  CHRISTOPH MUELLER OF AER LINGUS IS STILL CHAIRMAN OF AN POST – BEWARE DEFERRED MEMBERS OF AN POST AND ALL DB SCHEMES WHICH REQUIRE RESTRUCTURING – THIS CAN HAPPEN TO YOU  WATERFORD CRYSTAL = DOUBLE INSOLVENCY (COMPANY AND PENSION SCHEME)  IAS SCHEME – BOTH COMPANIES HIGHLY PROFITABLE, = SINGLE INSOLVENCY (NOT COMPARABLE TO WATERFORD CRYSTAL) except ironically due to the support of an English Union (UNITE) for the Waterford Workers - they may end up better off in that double insolvency than Deferred Members in the IASS, a single insolvency.  DEFERRED PENSIONERS NO PROTECTION FROM: YOUR FORMER COMPANIES, THE GOVERNMENT, THE LABOUR COURT, THE LRC, ESPECIALLY NOT FROM YOUR UNIONS (exception, UNITE), YOUR MINISTER (in our case PASCHAL DONOHOE), THE MINISTER FOR SOCIAL PROTECTION (JOAN BURTON), THE PENSIONS OMBUDSMAN (NEITHER HAVE WE EVIDENCE THAT THE TRUSTEE ACTED TO PROTECT ENTITLEMENTS OF DEFERRED IASS PENSIONERS)  DEFERRED PENSIONERS ARE WITHOUT RIGHTS AND VOICE - we are too old to earn contributions to another pension – we are in our late 50s to early 60s  YOU CANNOT WITHDRAW YOUR LABOUR = UNIONS DROPPING YOU = COMPANIES TAKING A “GRAB” FROM YOUR PENSION FUND IN ORDER TO SKEW THAT SAVING TO A DC FUND OUTSIDE YOUR DB SCHEME TOWARDS EMPLOYEES DC PENSION. THIS IS NOT ILLEGAL –ALL MEMBERS OF THE OPPOSITION ARE UNITED IN SEEKING TO PROPOSE AN AMENDMENT TO THE 2013 SW & PENSIONS ACT TO RESTORE LEGISLATIVE PROTECTION TO LONG SERVICE DEFERRED PENSIONERS. THIS WILL HAPPEN BUT TOO LATE FOR IASS DEFERRED MEMBERS – SHAME, SHAME ON LABOUR AND FINE GAEL  CUTS PROPOSED BY IAS SCHEME TRUSTEE 0 cuts for former Aer Lingus IASS deferred pensioners under UK pension legislation 1 cut of 10% for existing IASS pensioners (protected under the 2013 SW & Pensions Act 2 cuts - 20% for employees of Aer Lingus and daa 3 cuts –up to 50% for deferred IASS Pensioners Typical example of cuts proposed, from €26.3k DB expected pension p.a. to DC pension of €14.1k p.a = 46% LOSS OF PENSION  MINISTER DONOHOE MUST RESCIND THE ORDERS HE SIGNED ON 17TH NOV UNTIL HE IS SATISFIED THAT LONG SERVICE DEFERRED IASS PENSIONERS ARE SHARING THE CUTS EQUITABLY  LONG SERVICE DEFERRED MEMBERS OF A DB SCHEME NEED LEGISLATIVE PROTECTION TO PUT THEM BACK UNDER THE 2013 SW & PENSIONS ACT WITH PENSIONERS  For further information contact deferredpensioner@gmail.com