Airline plans EGM on pension payment

Aer Lingus will hold an EGM of its shareholders next month at which the board will seek approval for a €190.7m payment into new pension plans for past and present staff.

If the payment is given the green light by shareholders and the funding plans are cleared by the Pension Authority, it could mean an end to the four-year dispute over how to address a €750m hole in the existing Irish Aviation Superannuation Scheme (IASS), which has members in Aer Lingus and the Dublin Airport Authority.

IASS would be frozen and its members transferred to a defined contribution scheme.