DAA sets deadline for lump sum pension payments

Dublin Airport Authority has given more than 1,000 of its staff until March 15 to accept a lump sum payment after their defined benefit scheme was frozen at the end of last year.

Along with workers at Aer Lingus and formerly at SR Technics, the affected staff were members of the Irish Airlines Superannuation Scheme (IASS) which, at one point, was more than €700m in deficit.

Following exhaustive negotiations between the companies and their staff unions, an expert panel came up with a formula for closing off the scheme and moving staff onto a new scheme.