Hello All,
My Uncle has been asking me for advice on his AerLingus pension. He is in some kind of society where they are looking to put together some kind of challenge and are asking for an initial 2000€ to fund it.
Now I don't think there are any issues with the guys running this scheme, my uncle know some of them and tell me they are all above board. So my question is where can I learn what has actually happened with the pension fund he is going to dig out the correspondence he has received from the trustees, but I would like to be able to validate this. And most importantly what do people think the chances of the 2000€ being money well spent are?
See below for original message:
Any other information to make an informed decision?
Deferred members should be aware that their pensions are extremely
valuable. Depending on your promised pension it could be more valuable
than your home.
There are two options available to Deferred Members of the IASS. Take the
legal route or accept the proposals put forward by the Trustees of the IASS.
The choice is up to the members.
You should have received a letter recently from the Trustees detailing the
cuts you will receive to your pension. It is in your interest to study this
document carefully. You will lose between 45% and 60% of your pension.
If you are due a pension of Euro 20,000 you will lose €10,000 a year for the
rest of your life from age 65. Check out the Sunday Business Post dated
May 18th, the actuary has based future payments on males living to 91 and
females living to 92. This would mean you will lose €260,000 on a €20,000
pension or €390,000 if your pension is €30,000. Should anything happen to
you your family will receive 25% of your pension (half your 50%).
The choice for deferred members of the IASS is to accept a huge haircut to
their pensions (a loss of approximately €390,000 on a €30,000 pension) or
invest €2,000 and give yourself a chance. We may or may not be successful
in pursuing the legal route, there are no guarantees, no promises,
however we can guarantee your pension will be decimated if you do
nothing. Would you accept eviction from your home? You will be evicted
from your pension if you remain passive.
The future of your pension is in your hands, decide what you want to do.
We have an excellent legal team on our side led by Michael Cush, regarded
by many as the best senior counsel in Ireland. As it currently stands the
nine members of the Deferred Committee will be liable for all costs, we
will only proceed with legal action if we receive enough funds to cover our
liability at each stage of the process that we are engaged in.
How will the money be receipted?
There are three payment options.
A….If you have online banking set up from your account you can lodge the
money to the IASS Deferred account that way by setting it up as a payment
from your account. If doing this then ensure your name and staff number
are included in the payment details.
B…..If paying by cheque/bank draft it should be made payable to IASS
Deferred, again detailing name and staff number. The lodgment slip receipt
will have a section that will be retained by the person lodging the money.
This can be scanned and sent to one of the committee as an extra record of
the lodgement. This has already been done by many of the deferred when
lodging.
C…..A Bank Giro (Credit Transfer) may be done from Bank of Ireland
branches only. In this case forward the receipt or a scanned copy detailing
the payee name and staff number to a committee member.
Below are all the account details necessary for lodgments.
Account Name: IASS Deferred
Bank: Bank of Ireland, Coolock, Dublin 5
Account No: 67264940
Bank sort code: 90 04 71
IBAN: IE75BOFI90047167264940
BIC: BOFIIE2D.
Who will be administering the fund?
The Deferred Committee will be administering the fund. As a committee,
for banking purposes we are an unincorporated body. The account is a
current account in the name of IASS Deferred Pension Committee.
The Committee includes representatives from each of the companies (DAA
A/L SRT). The signing arrangements are a minimum of 2 signatures from the
designated authorities on the committee.
In compliance with the Anti-Terrorism EU Third Directive, and the PEP
(Politically Exposed Person), AML (anti-money laundering) requirements we
will exercise due diligence to ensure that the money coming in to the
account is from a bona fide source and the money dispersed is via itemized
invoices from two designated signatories of the account.
Our solicitors are also required to hold AML documentation (copies of
passport and utility bills) from the committee to fulfill similar requirements
from their side.
At what intervals will updates be forwarded to us?
We have asked people to lodge money within the next ten banking days. At
that stage the committee will have to assess the situation.
What liabilities are we leaving ourselves open to by contributing?
The Committee members have been advised by our legal team that it is
the Committee members that are liable for costs at every stage of the legal
process. We have had preliminary meetings with our solicitor and following
on from that with our solicitor and counsel, junior and senior. These have
been productive and informative. When they report back to us it will be up
to the group and the funding in place as to how the case is advanced.
What can all Deferred Members do as well?
Bombard your local Political Representatives, you and your family should
vote for those helpful to your cause. And remind them that General
Elections are down the road also.
Advise your deferred colleagues that the train has left the station and is fast
approaching its destination. Put Euro 2,000 into the fund.
Deferred IASS Members Committee
My Uncle has been asking me for advice on his AerLingus pension. He is in some kind of society where they are looking to put together some kind of challenge and are asking for an initial 2000€ to fund it.
Now I don't think there are any issues with the guys running this scheme, my uncle know some of them and tell me they are all above board. So my question is where can I learn what has actually happened with the pension fund he is going to dig out the correspondence he has received from the trustees, but I would like to be able to validate this. And most importantly what do people think the chances of the 2000€ being money well spent are?
See below for original message:
Any other information to make an informed decision?
Deferred members should be aware that their pensions are extremely
valuable. Depending on your promised pension it could be more valuable
than your home.
There are two options available to Deferred Members of the IASS. Take the
legal route or accept the proposals put forward by the Trustees of the IASS.
The choice is up to the members.
You should have received a letter recently from the Trustees detailing the
cuts you will receive to your pension. It is in your interest to study this
document carefully. You will lose between 45% and 60% of your pension.
If you are due a pension of Euro 20,000 you will lose €10,000 a year for the
rest of your life from age 65. Check out the Sunday Business Post dated
May 18th, the actuary has based future payments on males living to 91 and
females living to 92. This would mean you will lose €260,000 on a €20,000
pension or €390,000 if your pension is €30,000. Should anything happen to
you your family will receive 25% of your pension (half your 50%).
The choice for deferred members of the IASS is to accept a huge haircut to
their pensions (a loss of approximately €390,000 on a €30,000 pension) or
invest €2,000 and give yourself a chance. We may or may not be successful
in pursuing the legal route, there are no guarantees, no promises,
however we can guarantee your pension will be decimated if you do
nothing. Would you accept eviction from your home? You will be evicted
from your pension if you remain passive.
The future of your pension is in your hands, decide what you want to do.
We have an excellent legal team on our side led by Michael Cush, regarded
by many as the best senior counsel in Ireland. As it currently stands the
nine members of the Deferred Committee will be liable for all costs, we
will only proceed with legal action if we receive enough funds to cover our
liability at each stage of the process that we are engaged in.
How will the money be receipted?
There are three payment options.
A….If you have online banking set up from your account you can lodge the
money to the IASS Deferred account that way by setting it up as a payment
from your account. If doing this then ensure your name and staff number
are included in the payment details.
B…..If paying by cheque/bank draft it should be made payable to IASS
Deferred, again detailing name and staff number. The lodgment slip receipt
will have a section that will be retained by the person lodging the money.
This can be scanned and sent to one of the committee as an extra record of
the lodgement. This has already been done by many of the deferred when
lodging.
C…..A Bank Giro (Credit Transfer) may be done from Bank of Ireland
branches only. In this case forward the receipt or a scanned copy detailing
the payee name and staff number to a committee member.
Below are all the account details necessary for lodgments.
Account Name: IASS Deferred
Bank: Bank of Ireland, Coolock, Dublin 5
Account No: 67264940
Bank sort code: 90 04 71
IBAN: IE75BOFI90047167264940
BIC: BOFIIE2D.
Who will be administering the fund?
The Deferred Committee will be administering the fund. As a committee,
for banking purposes we are an unincorporated body. The account is a
current account in the name of IASS Deferred Pension Committee.
The Committee includes representatives from each of the companies (DAA
A/L SRT). The signing arrangements are a minimum of 2 signatures from the
designated authorities on the committee.
In compliance with the Anti-Terrorism EU Third Directive, and the PEP
(Politically Exposed Person), AML (anti-money laundering) requirements we
will exercise due diligence to ensure that the money coming in to the
account is from a bona fide source and the money dispersed is via itemized
invoices from two designated signatories of the account.
Our solicitors are also required to hold AML documentation (copies of
passport and utility bills) from the committee to fulfill similar requirements
from their side.
At what intervals will updates be forwarded to us?
We have asked people to lodge money within the next ten banking days. At
that stage the committee will have to assess the situation.
What liabilities are we leaving ourselves open to by contributing?
The Committee members have been advised by our legal team that it is
the Committee members that are liable for costs at every stage of the legal
process. We have had preliminary meetings with our solicitor and following
on from that with our solicitor and counsel, junior and senior. These have
been productive and informative. When they report back to us it will be up
to the group and the funding in place as to how the case is advanced.
What can all Deferred Members do as well?
Bombard your local Political Representatives, you and your family should
vote for those helpful to your cause. And remind them that General
Elections are down the road also.
Advise your deferred colleagues that the train has left the station and is fast
approaching its destination. Put Euro 2,000 into the fund.
Deferred IASS Members Committee