I regret to to inform our members that the Department of Finance / Public Expenditure and their Minister have now formally refused to approve the increase in pensions-in-payment, applied for in 2018, after a lengthy delay and notwithstanding that this increase was previously recommended both by the Trustees and by the Sponsor, RTÉ, and that its long-term affordability by the Scheme was independently confirmed by our professional advisers and crucially by the Scheme Actuary.
The Trustees will meet again toward the end of this month to consider the situation in light of the virus impact worldwide.
Tony O’C
Chair