€110m needed for AL/DAA pensions
| 24 May 2013 21:09 |
| The Labour Court has recommended that Aer Lingus inject a once-off lump sum of €110 million to help plug the €750 million deficit in the joint Aer Lingus/DAA pension scheme. |
| The recommendation is aimed at resolving a long-standing row over how the pension entitlements of Aer Lingus pensioners, employees and former employees can be best protected as the pension fund is no longer sustainable. |
| Earlier this year, an interim Labour Court recommendation set out target benefits for pension scheme members, but left it to a technical group of pension experts to evaluate how best to create new pension arrangements. |
| That group concluded that a capital sum of €110 million would be sufficient to achieve the target benefit levels. |
