ALERTS - 2017

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 CUT OF c€12.5m                     SINCE JANUARY 2015       
                     TAKEN DIRECTLY OUT OF THE POCKETS OF THOSE ON PENSIONS 
           PLUS ONGOING 2.53% PENSION LEVY DEDUCTION 
EACH MONTH FOR LIFE 

PLUS €38.4m GOVERNMENT IMPOSED PENSION LEVY ON THIS MULTI EMPLOYER OCCUPATIONAL PENSION FUND  

                      ON TOP OF THE 10TH YEAR OF FIXED MONTHLY PENSION                                     
     COST OF LIVING ADJUSTMENTS FROZEN IN 2008 AT 2007'S LEVEL                                        
          JANUARY 2015 COST OF LIVING ADJUSTMENTS SCRAPPED!
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AVERAGE AGE OF PENSIONERS IS 73 YEARS - 
NO COMPENSATION

     BIG CUTS TO REAL AND ACTUAL INCOME FOR THOSE DRAWING  DOWN THEIR PENSIONS IN IASS                                                                
                           OTHERS ARE NOW SEEING THEIR INCOMES RISE AND THE RESTORATION                                                                                                     OF DEDUCTIONS WE ARE SEEING OUR PENSION INCOME FALL
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REMINDER: Clarification regarding Coordinated members on early retirement pensions 

 

If you are an IASS coordinated member in January 2015 who left employer with immediate pension i.e.early retirement pension, who has not yet reached normal retirement date, your pension in payment will be further reduced to reflect your coordinated member status [contribution % reduced to coordinated membership status]. 

 

This deduction is in addition to your pension levy and the S50 Debt cuts imposed on your pension income by Employers/Trustees/Pension Authority in January 2015 without your consent.    For some pensioners that can be an additional reduction of 50%*.   Individuals are expected to be informed by the Secretary of the IASS scheme in the month before the reduction is implemented.    


There has been no mitigation or compensation for these cuts  - the buy-out compensation for reduced benefits provided by employers only available to active and deferred members of IASS not in receipt of pension on January 1 2015.


*NOTE: IF YOUR CURRENT PENSION POST PENSION LEVY AND SECTION 50 CUT IMPOSED IN JAN 2015 IS FOR EXAMPLE €16000 AND AT EARLY RETIREMENT YOU HAD 40 YEARS PENSIONABLE SERVICE IT WILL BE CUT BY THE FULL SOCIAL WELFARE OFFSET AND BRING YOUR PENSION DOWN TO €4000.    


THERE WILL LIKELY BE A GAP OF MAXIMUM ONE YEAR BEFORE YOUR RECEIVE YOUR STATE PENSION AT AGE 66 


February 7 2017 - Darragh O Brien TD, Dail Eireann Pensions (Amendment) Bill (No 2) 2017 Second Stage Debate 



February 2017: The Employers, Aer Lingus, with the consent of the Trustees of both Aer Lingus First and Second Supplementary Pension Schemes amended the Trust Deeds and Rules of these pension schemes in order to windup the Second Fund.    Mercer have written to members of the Second Fund.

February 2017 - Annual Report & Accounts for year April 2015 - March 2016 for IASS, & Aer Lingus First & Second Funds are now available.   A copy can be requested from Mercer.   Contact details on side bar or on the bottom right hand side of your monthly payslip.

RASA Legal Update - February 2017:  The parties have now reached agreement on the discovery process. 

The matter was back before the President of the High Court again on Monday last, 6 February, where our Senior Counsel informed the Court that agreement had been reached in relation to discovery and that the agreement had now been executed by both parties.   Our Senior Counsel informed the Court that the Agreement envisaged that discovery and replies to interrogatories would be exchanged on 7 April 2017.

In relation to obtaining a trial date for this case – Senior Counsel outlined to the Court the numerous steps that the parties would be required to take between 7 April 2017 and the date of the trial

The President then assigned 3 October 2017 for the trial to commence, the first full day of hearing in that Court term.

If you have returned signed papers to LK Shields and wish to check that you are on the list of “interested persons” (or eligible Plaintiffs) or the Fighting Fund please send an email to rasapension@gmail.com       

Please use the same address if you have any other queries in relation to the Legal Action. 
  

RASA Legal Update: January 2017 - The matter was back before the President of the High Court on 16 January 2017 and January 23 2017.   The matter was adjourned until Monday 6 February 2017.  The President restated that he intends to fix a provisional trial date and asked that the parties consider a timetable for the remainder of the steps to trial after discovery.

January 2017 - Another €0.5m taken this month cut from our monthly pay package without our consent or compensation