ALERTS - 2017

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 PENSION INCOME
CUT OF c€14.5m                             SINCE JANUARY 2015       
                     TAKEN DIRECTLY OUT OF THE POCKETS OF THOSE ON PENSIONS -  NOW RESTORATION TO OUR                                                                                     DECEMBER 2014 PENSIONS REQUIRED
           
                                                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 in Jan 2015

 

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 that was cut in Jan 2015 will be further reduced to reflect your coordinated member status [the % contribution to IASS was reduced to reflect 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 


June 15 2017 - Oireachtas Discussion on Pension Schemes as part of the Social Welfare & Pensions Bill 2017.  

Submissions made by Pensions Regulator and IBEC and Pensions Equality.

The Pension Regulator indicated that the funding standard calculation in respect of current pensioners in receipt of payment is based on how much it would cost to pay an insurance company to take over the responsibility for these current payments to pensions ....

...this calculation has raised questions that the cost [pensioner liability] may be overestimated ...

RASA has repeatedly stated  that the reductions to our monthly income is based on an actuarial calculation and in a windup situation  . 

You can playback the committee submissions below and click on the Presentations .

16 June 2017
Committee Debate - Meeting of the Joint Committee on Social Protection, Thursday 15 June 2017 - Webcast Recording
Meeting of the Joint Committee on Social Protection, Thursday 15 June 2017, Webcast Recording. CR4, LH 2000 10.30 a.m.
[view more]


http://oireachtasdebates.oireachtas.ie/Debates%20Authoring/DebatesWebPack.nsf/committeetakes/SPJ2017061500002?opendocument#C00100


RASA News - Pension Legal Action – Update – 02JUN17

 

The review of documentation received as part of the discovery process is ongoing by the legal team and should be concluded over the next 2 weeks.   



In tandem with the discovery review our legal team is now taking appropriate steps to prepare this matter for trial, which includes retaining appropriate expert witnesses and preparing witnesses statements of all those individuals who will be required to give evidence at the trial of this action.    

The trial date has been reassigned to 14 November in the High Court for 6 weeks. This was to ensure that our legal team have adequate time to take the necessary steps to prepare this matter for trial.    The next few months will involve extensive work to prepare for trial.
 

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 have any other queries in relation to the Legal Action please send an email to rasapension@gmail.com



RASA News - Pension Legal Action – Update – 19MAY17

Documentation received as part of the discovery process is being examined by the Legal Team. The Case
is scheduled for Hearing in the High Court on 3rd October 2017 for 6 weeks.

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 have any other queries in relation to the Legal Action please send an
email to rasapension@gmail.com .


RASA News - Pension Legal Action – Update – 28APRIL 2017
 
The parties had initially agreed a deadline for exchange of discovery and replies to interrogatories on a reciprocal basis on 7 April, which the Court had approved. On the eve of that deadline the State wrote to LK Shields seeking an extension of the agreed time period claiming that notwithstanding the significant resources it had allocated to the discovery process, it had not been able to complete the task within the time period agreed.  

It was necessary for the State to make an application to Court on 7 April 2017 to extend this time period – the State sought an additional three weeks to comply with its discovery obligations, which the Court reluctantly agreed to, having listened to the concerns expressed by our Senior Counsel, regarding wanting to ensure we retain the trial date of 3 October 2017.  The new deadline for the delivery of interrogatories and discovery is today Friday 28 April 2017.  

Our legal team has spent a significant amount of time and effort working on this matter over the last number of months to ensure that we met all the Court's deadlines - which we have. 

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 have any other queries in relation to the Legal Action please send an email to rasapension@gmail.com .      


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