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This is a first!!!. Unilateral cut to pension annuity. Annuity or pension for life was set at time of draw down at 65. Paid for over 40 to 45 years. Pensioners in this DB scheme cannot access this money.

The cuts to pensions commenced January 2015. This is in addition to the Government Pension Levy, deducted again for lifetime of pension, which also increased this month.
There was a partial buy-out of this DB pension fund [IASS] liabilities to deferred and active members. This was done by way of individual compensatory payments by both Aer Lingus and Daa at a discounted ‘negotiated’ price requiring individual acceptance by those members.

These payments (totalling c.€250 million) are being paid outside of the IASS. There have been no similar engagements, negotiations or agreements reached with IASS pensioners

The reduction to Aer Lingus and related employers is estimated at c. €129m, and the daa reduction at c. €45m. The effective result of a reduction in this commitment is that this liability has now been transferred to pensioners by the employers and the IASS trustee