ALERTS 2018

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SINCE JANUARY 2015 to DECEMBER 2017 

     - c€18m     
IS THE ACTUAL AMOUNT THAT OUR BASIC MONTHLY INCOME IS REDUCED. 

THIS REDUCTION TO OUR BASIC PAY COMMENCED THREE YEARS AGO 

THIS REDUCTION 'HIT' OUR MONTHLY PAYSLIPS EVERY MONTH SINCE JANUARY 2015 AS PAYMENT TOWARDS A MFS ACTUARIAL DEBT THAT WE DID NOT KNOW WE HAD & EXCLUDED FROM COMPENSATION

 LOOK UP YOUR DEC 2015 PAYSLIP AND COMPARE TO YOUR LATEST PAYSLIP - SEE HOW MUCH YOUR INCOME IS DOWN!!!

AVERAGE AGE* OF PENSIONERS IS 76 YEARS
*those on pension in Dec 2014 whose basic pension was reduced 
           TAKEN DIRECTLY OUT OF THE POCKETS OF THOSE ON PENSIONS  
                                                     
                    ALSO A  DEDUCTION* FROM PAY -  ONGOING 2.53% PENSION LEVY DEDUCTION EACH MONTH FOR LIFE
                    * Refer to your Dec 2015 payslip and trustee letter to get the actual figure being deducted each month  

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

                      ON TOP OF THE 11TH 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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NO COMPENSATION RECEIVED FOR THESE UNILATERAL CUTS

              BIG CUTS TO REAL AND ACTUAL INCOME FOR THOSE DRAWING  DOWN THEIR PENSIONS IN IASS                                                                
              OTHERS ARE NOW SEEING THEIR INCOMES RISE AND PHASED RESTORATION OF DEDUCTIONS*     
                                                    *  www.per.gov.ie/wp-content/uploads/PSPR-FAQ-2017.pdf
                                                                                     
                                           WE ARE SEEING OUR PENSION INCOME DEDUCTIONS BEING CONTINUED 

                                        REQUIRED NOW: RESTORATION TO OUR DECEMBER 2014 PENSION PAYMENT  
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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 SECTION 50 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 future pensioners i.e. active and deferred members of IASS who are not in receipt of pension on January 1 2015.


*NOTE: IF YOUR CURRENT PENSION POST PENSION LEVY AND SECTION 50 DEBT CUT IMPOSED IN 

JAN 2015 IS FOR EXAMPLE €16,000 AND AT EARLY RETIREMENT YOU HAD 40 YEARS PENSIONABLE SERVICE IT WILL BE CUT BY THE FULL SOCIAL WELFARE OFFSET AND THIS WILL BRING YOUR PENSION DOWN TO €4,000 PER ANNUM.    


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



January 2018:  Aer Lingus Second Supplementary Defined Benefit Wind up.

Future pensioners (deferred) have been advised that the Trustees of this Scheme are proceeding with their bulk transfer intentions of individuals financial interest [minimum payment is combined employer and individual contributions] to individuals own personal Defined Contribution Pension with Irish Life by end of Feb 2018.   Unlike annuities for current pensioners this DC fund is an persons own financial asset.  The trustees will next write to individuals when this has been completed.   

Current pensioners - Trustees are indicating that they intend to transfer individuals financial interest to the Trustees chosen Life Insurance company where a new pension payment will be set up for the individual pensioner.     There is, as yet, no indication of a timeframe for this pension annuity account to be set up or if the minimum payment to an individual will be the combined employer/individual contribution in the event of death during payment with no survivors policy.