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Aer Lingus Group PLC (AERL)

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Friday 09 November, 2012

Aer Lingus Group PLC

Aer Lingus Update regarding pension issues

RNS Number : 8242Q
Aer Lingus Group PLC
09 November 2012
 



Aer Lingus Group plc

ISE: EIL1                    LSE: AERL 

Aer Lingus Update regarding pension discussions

 

Dublin & London, 9 November 2012:  Aer Lingus Group plc ("Aer Lingus", "the Group") notes the statement issued by the Irish Business and Employers Confederation ("IBEC") and the Irish Congress of Trade Unions ("ICTU") requesting that the Labour Relations Commission ("LRC") make contact with Aer Lingus and Union groups regarding the funding issues with the Irish Airlines (General Employees) Superannuation Scheme ("IASS").

 

Aer Lingus welcomes this proposed re-engagement with the LRC and in particular the proposed consultation with the 'Technical Group' of actuarial and legal advisors, for the purposes of the preparation of a report by the LRC.

 

Aer Lingus accepts the IBEC and ICTU request that the parties thereafter engage with the Labour Court for the purposes of it setting out an interim recommendation regarding the main parameters for the resolution of the pension issues, which the 'Technical Group' would then finalise to solution stage. Following Aer Lingus' consideration of the outcome from the Technical Group, Aer Lingus will if it considers the solution appropriate, put the matter to Aer Lingus' shareholders for approval.

 

Aer Lingus will participate in the structure of re-engagement proposed by IBEC and ICTU on a voluntary and non-binding basis.

 

Aer Lingus remains focussed on achieving a fair outcome that improves the pension prospects of affected members of IASS in a way that will balance the interests of all parties, including Aer Lingus employees and shareholders. As part of that outcome, Aer Lingus is seeking employment cost stability over the coming years.  Any new arrangements put in place byAer Lingus to improve the pension prospects of affected members of IASS, will therefore be linked to the strength of the commitment to stabilise employment costs.

 

Finally, Aer Lingus welcomes the IBEC and ICTU recommendation that the Union groups withdraw the notice of industrial action against Aer Lingus.

 

The proposed re-engagement described above is complex and involves many parties. There can be no certainty that agreement will be reached between all parties involved. Further updates will be provided if and when appropriate.

 

 

ENDS

 

For further information please contact:

Investors & Analysts




Declan Murphy

Aer Lingus

Tel:

+353 1 886 2228

Jonathan Neilan

FTI Consulting

Tel:

+353 1 663 3686





Media




Declan Kearney

Aer Lingus

Tel:

+353 1 886 3662





 

 

 

 


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