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2025 Annual Memorial/Ecumenical Service.
LIFETIME - REDUCTION IN BASIC PAY - WITH NO 'BUY OUT'
LIFETIME - DEDUCTION OF PENSION LEVY
LIFETIME - FREEZE ON COST OF LIVING INCREASES
FROM 2015 to DECEMBER 2018 - BASIC MONTHLY PAY REDUCED
by c€24m
IS THE ACTUAL CUMULATIVE AMOUNT THAT OUR BASIC MONTHLY INCOME
HAS BEEN COMPULSORILY REDUCED AND TAKEN FROM US!!
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
THIS REDUCTION TO OUR BASIC PAY IS CUMULATIVE & NOW INTO THE FOURTH YEAR
THIS REDUCTION 'HIT' OUR MONTHLY PAYSLIPS EVERY MONTH SINCE JANUARY 2015 AS PAYMENT TOWARDS AN ACTUARIAL DEBT. THIS IS A TECHNICAL CALCULATION IN A SITUATION OF A SCHEME WIND UP - A DEBT THAT WE DID NOT KNOW WE HAD.
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THERE WAS NO BUY OUT FUND PROVIDED FOR CURRENT PENSIONERS OR COMPENSATION FOR THIS UNILATERAL REDUCTION IN OUR ACTUAL MONTHLY INCOME PENSION BENEFITS
unlike
FUTURE PENSIONERS - THEIR BENEFIT REDUCTIONS HAD BUY OUT FUNDS PROVIDED AND INDIVIDUALLY RECEIVED
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WHERE YOU CAN FIND THE 'HITS' TO YOUR MONTHLY INCOME!
* Refer to the Trustee Letter of January 2015.
* Refer to December 2014 last payslip [and each year end Dec payslip]
* Look at the actual figure being deducted each month for both the MFS actuarial technical calculation debt 'hit' and the Stamp Duty Pension Levy ' hit'
LOOK UP YOUR CURRENT PAYSLIP* AND COMPARE THE FIGURES
- SEE HOW MUCH YOUR INCOME IS DOWN!
*Note: The payslip since Jan 2015 has netted the reduction in basic income and the deductions in respect of Levy into a new 'basic' figure
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SINCE 2012 STAMP DUTY PENSION LEVY 'HIT'
ANOTHER DEDUCTION FROM OUR MONTHLY PAY FOR LIFE
A €38.4m GOVERNMENT IMPOSED PENSION LEVY ON THIS MULTI EMPLOYER OCCUPATIONAL PENSION FUND THAT
EACH OF US ARE PAYING BACK TO THE FUND EVERY MONTH
A DEDUCTION* FROM MONTHLY PAY - ONGOING 2.53% PENSION LEVY DEDUCTION EACH MONTH FOR LIFE
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ON TOP OF THE 11TH YEAR OF FIXED MONTHLY PENSION
COST OF LIVING ADJUSTMENTS INITIALLY FROZEN IN 2008 AT 2007'S LEVEL
THEN IN JANUARY 2015 ANNUAL COST OF LIVING ADJUSTMENTS SCRAPPED!
SO NO INDEXATION EVER FOR US
LIFETIME!! - REDUCTION; DEDUCTIONS; AND FREEZES
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FOR CURRENT IASS PENSIONERS BIG CUTS TO REAL AND ACTUAL INCOME FOR THOSE DRAWING DOWN THEIR PENSIONS
OTHERS ARE NOW SEEING THEIR INCOMES RISE AND PHASED RESTORATION OF DEDUCTIONS*
http://www.per.gov.ie/wp-content/uploads/2018-PSPR-FAQs.pdf
www.per.gov.ie/wp-content/uploads/PSPR-FAQ-2017.pdf
WE ARE SEEING OUR PENSION INCOME REDUCTIONS AND DEDUCTIONS BEING CONTINUED
REQUIRED NOW: RESTORATION TO OUR DECEMBER 2014 BASIC PENSION PAYMENT
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October 25 2018 - RASA representative attends the Oirechtas Committee on Employment Affairs and Social Protection
where the situation regarding
current pensioners cuts to their actual monthly basic pay;
no cost of living increases for life;
pension levy deductions for life,
possible future cuts to pensions in payment;
no access to States services to raise their issues,
the way the minimum funding standing deficit is actuarially calculated within Defined Benefit superannuation schemes within the semi state sector
and other issues were highlighted.
As you all know the actuarially technical calculated funding deficit as if the IASS was wound up was then translated into an ACTUAL DEBT and this debt repayment imposed/attached to the monthly basic pension of the pensioners for repayment. This happened in January 2015.
When viewing the video of the discussion at 1hour 24mins into the discussion you will hear mention of the average pension within the IASS quoted in respect of December 2014 and now. This again highlights the significance of the cuts.
https://www.oireachtas.ie/en/oireachtas-tv/video-archive/committees/
Then click on:
Then click on:
Today, 25 Oct 2018
Today, 25 Oct 2018
Committee on Employment Affairs and Social Protection
Representatives from Semi State Retired Staff Group - RASA, ESB, RTE, Bord na Mona, Bord Gais/ERVIA, CIE, Eircom
Transcript:
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October 2018 - Pension Legal Action - update for Plaintiffs.
Trial date commencing 30 April 2019 for a period of eight weeks in the High Court has been allocated.
Additional costs and therefore additional funding is required to fund all the ongoing costs and preparation for trial.
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RASA ANNUAL GENERAL MEETING - TUESDAY SEPTEMBER 25TH. 11am to 13.00
Registration from 10.15. Commences at 11 am with presentation on 'Recent changes to State pensions and Other Entitlements; followed by AGM.
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RASA Office - will be closed for the month of August and will reopen 4 Sept 2018
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July 27 2018 - Pension Legal Action - Update for Plaintiffs
The matter was back in Court on two occasions this week - 25th and 26th July 2018.
On Thursday, 26 July 2018 the legal team applied for a trial date before Ms Justice Costello. This matter has now been provisionally
listed for trial commencing on 30 April 2019 for a period of 8 weeks– there is a significant shortage of judges at present so it was not possible to be allocated an earlier date. The matter is back for mention before Ms Justice Costello in October 2018, at which time the Court will hopefully confirm that trial date.
Both legal teams have agreed a timeline of matters to be dealt with in advance of the hearing of this case (necessary legal procedural steps). The next couple of months will involve extensive work by both the Committee and our legal team to prepare for this matter for trial as our expert reports and witness statements are due in early October.
Please send any queries to rasapension@gmail.com or contact the RASA office at 01-814 4977on Tuesday or Thursday between 10:00 and 12:00. - please note the office will be closed for August and will reopen on Sept 4 2018.
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May 20 2018 Pension Legal Action - Update for Plaintiffs
The Pensions Authority delivered the “Third Party Discovery Documents” mid May 2018 as directed by Judge Kelly.
These documents will be considered by the Legal Team and a possible schedule to Trial has to be agreed.
Please send any queries to rasapension@gmail.com or contact the RASA office at 01-814 4977 on Tuesday or Thursday between 10:00 and 12:00.
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May 10 2018 Pension Legal Action – Update for Plaintiffs
As advised in the Report on the Plaintiff Meeting on 26 MARCH 2018 the Pensions Authority were due to deliver the “Third Party Discovery Documents” on 10MAY18 however they applied for a week’s extension in Court yesterday. Judge Kelly expressed concern at the further delay in the Case but allowed it.
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May 2 2018 - Latest update on Public Sector Transfer Network Benefit within IASS - go to sidebar webpage
https://www.hse.ie/eng/staff/resources/hr-circulars/circ00414.pdf
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RASA LEGAL CASE UPDATE
RASA News – Pension Legal Action - Plaintiff Information Meeting – 26MAR/MO
The Information Meeting took place on 26MAR/MO in ALSAA for those who signed up as Plaintiffs in the ongoing Pension Legal Action. About 300 Plaintiffs attended. Solicitors from the Legal Team at LK Shields made a Presentation as did Con Clarke, on behalf of the RASA Pension Sub-Committee.
This was followed by a Question and Answer session.
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April 30 2018 - WIND UP OF AER LINGUS 2ND SUPPLEMENTARY FUND & NEW IRELAND ASSURANCE COMPANY
Just over 350 current pensioners in the IASS scheme who are former employees of Aer Lingus had their Aer Lingus Second Suplementary Pension Fund bought out in bulk by New Ireland Assurance Company. Individuals have now received their first payslip showing their pension payment. The figure is based on the purchase money value provided by the Actuary of the Aer Lingus Second Supplementary Funds and used to buy an annuity as calculated by New Ireland Assurance Company.
No information yet on the final accounts from the trustees of Aer Lingus Second Supplementary Fund - the last account were for December 2016.
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March 27 2018 - NEW PENSION PROVIDER - NEW IRELAND ASSURANCE COMPANY - NEW EMPLOYER FOR TAX PURPOSES
Current pensioners in receipt of pensions from the Aer Lingus Second Supplementary Pension Fund received in the post today documents from New Ireland Assurance Company outlining their new COMPULSORY ANNUITY POLICY.
Individuals are advised to get a new tax free certificate to represent this 'new employer' otherwise their monthly income will be cut by 40% tax and 8% USC.
Note: No advance information on this from the Trustees of the Second Fund.
However subsequent to the communication from New Ireland Assurance the Trustees for the 2nd Supplementary Fund wrote to pensioners advising them that all future contact or queries should no longer go to them but to New Ireland Assurance Company. Members await receipt of the final Annual Report and Accounts for this fund following windup.
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March 26 2018 - Meeting of Plaintiff Information Meeting
An Information Meeting has been arranged for 26MAR/TU at 11:00 in the Banqueting Room in ALSAA for those who signed up as Plaintiffs
in the ongoing Pension Legal Action. Solicitors from the Legal Team at LK Shields will attend again. Letters have been sent to all Plaintiffs.
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March 25 2018 - WIND UP - AER LINGUS 2ND SUPPLEMENTARY FUNDS
Still no word from the trustees involved in the winding up of this fund regarding what is happening to the purchase of
COMPULSORY pension annuity
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February 2018 - RASA News -
IASS P60 for Calendar Year 2017
In the last week or so as IASS pensioners you will have received your P60 for calendar year ending December 2017. This is another reminder of what your pension in payment in 2014 has been reduced. This reduction of your actual monthly/annual income at that stage was done without your consent and no financial compensation for this reduction. This reduction commenced in January 2015 and is cumulative. While others are seeing their pension and other cuts being reversed and restoration of pay negotiation, IASS current pensioners are not.
Fighting Fund and Ongoing Legal costs to cover legal challenge
A fighting fund was set up to cover the ongoing costs of this legal challenge. The subscriptions to this fund are ongoing and over two thirds of the target fund to cover the total estimated cost for this challenge has been raised to date with significant numbers paying all requested subscriptions upfront while others have an agreed payment schedule to meet this request. If you still have an outstanding balance on the requested subscription and you not on a payment schedule we would appreciate if you could arrange for the outstanding balance to be forwarded to us.
The payment can be made in person at the RASA office or by way of cheque to RASA sent to: RASA, c/o A.L.S.A.A. Complex, Old Airport Road, Tubberbunny, Swords, Co Dublin, K67 YV06, or by bank transfer (account details below).
Please ensure that you include your surname, initials and pension number or staff number – as a reference)
Account Name: RASA
Address: Bank of Ireland, Malahide.
A/C No. 79638102
Sort Code 900607
IBAN: IE43 BOFI 9006 0779 638102
BIC: BOFI IE2D.
Your Reference SURNAME, Initial, Pension/Staff Number
If you wish to discuss a payment plan or alternative payment arrangements, please do not hesitate to contact us by email at rasapension@gmail.com or by phone at 01-8144977. Please note that the RASA office is open on Tuesdays and Thursdays from 10:00 to 12:00.
February 2018 : RASA Update on Pension Legal Challenge.
Over 720 IASS, then pensioners in 2015, started a legal challenge which is currently coming to the end of its case management phase in Court.
On Thursday 18th January 2017 the case was back before the High Court to obtain a Court Order in respect of an application brought against the Pensions Authority to obtain certain documents from it that may be relevant to our case (non-party Discovery). Our legal team had spent a number of weeks agreeing with the Pensions Authority the categories of documents that they would be required to disclose. The Order made by the High Court has a timetable for completion of 16 weeks from 18 January, bringing its completion date up to the middle of May 2017. The Pensions Authority informed the Court that this time period was necessary to carry out the necessary searches on their databases etc. Our legal team reluctantly agreed to the time period sought and the costs of this work are being shared between the State and ourselves. The need for this non-party discovery arose out of the review of certain documents received from the State/Government Departments.
It is intended to provide an update over the coming weeks in relation to when this matter will be allocated a trial date and RASA hopes to have a general meeting in ALSAA towards the end of March as part of which our legal team will make a presentation on the final phases involved in proceeding to trial with this case.
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 an Life Insurance company chosen by the trustees where an annuity account will be set up.
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 and other questions in relation to UK current or future pensioners who do not have Irish Life DC funds set up.
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