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
AVERAGE AGE OF PENSIONERS IS 73 YEARS -
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
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.
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