Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Aer Lingus Group PLC (AERL)

  Print      Mail a friend       Annual reports

Monday 08 October, 2012

Aer Lingus Group PLC

Aer Lingus statement regarding pension discussions

RNS Number : 2166O
Aer Lingus Group PLC
08 October 2012


Aer Lingus Group plc

ISE: EIL1           LSE: AERL 


Aer Lingus statement regarding pension discussions


Dublin & London, 8 October 2012:  Aer Lingus Group plc ("Aer Lingus", "the Group") notes recent media commentary regarding the on-going discussions taking place at the Labour Relations Commission ("LRC") in relation to pensions matters. Aer Lingus regards the provision to the media of confidential elements of these discussions as being prejudicial to reaching a conclusion that is in the interests of all parties. Aer Lingus continues to be engaged in the LRC process in order to find an appropriate solution to the funding issues in the Irish Airlines (General Employees) Superannuation Scheme ("IASS"). The discussions in the LRC have not yet concluded, nor has a finalised recommendation been issued by the LRC. If any such recommendation is issued, further detailed discussions with the Trustees of the IASS will be required.


The LRC process has been ongoing since 2011. The parties involved include Dublin Airport Authority ("DAA") and trade unions representing both Aer Lingus and DAA members of the IASS. Aer Lingus has met and continues to meet all of its obligations to the IASS. As previously and consistently stated, Aer Lingus has no obligation to increase its employer contributions to the IASS above the current fixed rate. Aer Lingus is participating in the LRC process in good faith as it believes it is in the interests of all parties that the funding issues in the IASS be addressed.


The Group strongly believes that the current funding position of the IASS is unsustainable and must now be addressed by the IASS Trustees. Aer Lingus understands that the IASS funding shortfall as at 31 May 2012 was approximately €748 million on the current statutory Minimum Funding Standard basis. Irish pension legislation mandates priority over IASS assets for pensions in payment. As such, had the IASS been wound up on 31 May 2012, current employees and their beneficiaries not yet in receipt of a pension would have received approximately 4% of their expected IASS pension benefits. Aer Lingus believes that such an outcome would be extremely damaging for the Group, its employees and shareholders.


In this context Aer Lingus is attempting to assist in the achievement of a fair outcome that improves the pension prospects of affected IASS members in a way that will balance the interests of all parties, including shareholders.  Aer Lingus has submitted proposals as part of the LRC process which seek to improve the pension that can be paid by the IASS and place future pension provision on a sustainable basis.


The key elements of the Aer Lingus proposal are:


·    Firstly, the IASS would be closed to new members and benefit accrual for current members would cease.  The IASS investment policy would be changed by the Trustees to reduce risk by investing in bonds whose cash flows broadly match the IASS obligations.  This approach would result in higher pensions than on a wind-up of the IASS, but is at the sole discretion of the IASS Trustees.  Aer Lingus would make no financial contribution to the IASS (beyond its regular contributions, which in any event would be discontinued when the IASS closes to future contributions).


·    Secondly, Aer Lingus would establish new Defined Contribution ("DC") arrangements on competitive terms in respect of future service of its own employees. Subject to the uptake of Aer Lingus employees, the overall increase in employment costs attributable to the new DC scheme is not expected to be significant.


·    Thirdly, Aer Lingus is prepared to put in place arrangements to improve the likely future pensions of affected IASS members provided the balance between costs and benefits is in the interests of all parties including shareholders.  In particular, Aer Lingus is seeking employment cost stability over the coming years.  If put in place, any such arrangements are likely to include a once-off initial contribution to the DC funds of those affected IASS members.  Such contributions would favour those closer to retirement. The extent of the arrangements, including any contribution by Aer Lingus, will be linked to the strength of the commitment to stabilise employment costs.


In combination, these three elements have the potential to provide fair and sustainable pension benefits for affected IASS members significantly beyond the level of coverage which the IASS current funding status can sustain.  


The discussions at the LRC are complex and involve 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.







For further information please contact:

Investors & Analysts

Declan Murphy

Aer Lingus


+353 1 886 2228

Jonathan Neilan

FTI Consulting


+353 1 663 3686


Declan Kearney

Aer Lingus


+353 1 886 3662




This information is provided by RNS
The company news service from the London Stock Exchange

a d v e r t i s e m e n t