The underfunded Irish Airlines Superannuation Scheme (IASS) aims to return 4.5% per annum over the next 25 years to address its deficit, according to the latest draft funding agreement.In a note to the Irish Stock Exchange, the fund’s main sponsor – national flag carrier Aer Lingus – said that while the draft had yet to be submitted to the Pensions Board, it nonetheless expected the proposed scheme restructuring to be completed by the end of the year.Under the terms of the latest proposal, the IASS general employees scheme would cut current pensions in payment in accordance with the revised priority order – resulting in 90% of benefits to €60,000 a year and 80% for all benefits above.Active and deferred members would see their accrued benefits cut by 20%, while all three would no longer be entitled to indexation increases. According to the statement, the IASS trustee would also implement a liability-driven investment strategy, as previously announced.However, the new draft lowered the required annual return by 0.5 percentage points, to 4.5% a year over the 25 years of the funding proposal.Aer Lingus said it stood by its previous proposal to fund a new defined contribution arrangement with €110m to compensate the scheme’s active members but added that it would “reassess the matter” once it had examined the draft proposal in detail.In a statement, it said: “The draft funding proposal summarised in the recent letter from the IASS Trustee has not yet been submitted to the Pensions Board, and it remains the responsibility of the IASS Trustee to do this.“The Company therefore expects the IASS Trustee to move forward with the submission of this draft funding proposal as soon as is practicable on the basis that it represents a viable solution which would result in a better outcome for the affected parties than the forced winding up of the Scheme.“Gaining the Pensions Board’s approval for the draft funding proposal is a crucial preliminary step that must be completed before the other key steps can be taken.”The Pensions Board last year appeared to reject a draft proposal that would have seen the IASS take up to 70 years to meet the regulator’s funding standard.A 25-year period would still be significantly longer than granted to other schemes, which are expected to comply within a decade of submitting their proposals.Funding proposals were due to be submitted to the Board nearly eight months ago, at the end of June last year.
Mermaid Beach, home to the Gold Coast’s Millionaires’ Row, was one hot spot tipped by most agents.John Henderson Professionals partner Luke Henderson tipped Mermaid Beach and Paradise Waters as two prestige areas that should be on buyers’ search lists. “Buy as good of a position as you can and as close to the beach as possible, or the widest part of the water, as that will hold up the value of your luxury home,” he said. Kollosche’s Eoghan Murphy said Isle of Capri, Sorrento, Benowa Waters, Paradise Waters and Mermaid Beach were the city’s hot spots. “Luxury property is so undervalued on the Gold Coast and there has never been a better time to purchase a property,” he said. Buyers should look at Sovereign Islands, Sanctuary Cove, Sorrento and Southport’s TSS precinct, according to Amir Mian Prestige Property Agents principal Amir Mian. “Quality high-end homes on prime positions are limited and will always be tightly held,” Mr Mian said. More from news02:37International architect Desmond Brooks selling luxury beach villa10 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“Considering the current market where buyers still see value it’s not a bad idea to secure the one you are interested in.” This grand mansion at 101 Commodore Drive, Paradise Waters, is on the market for $14.888 million.SPRING has sprung and demand for high-end properties is set to flourish, with the Gold Coast’s prestige market looking like a steal compared to Melbourne and Sydney prices. Local real estate experts have shared their hot spots for luxury homes. MORE NEWS: What’s in store for the property market this spring MORE NEWS: TV renovators star again on property market Herron Todd White’s latest Month in Review report, released today, also noted a growing trend toward buyers seeking acreage property. “Formerly the domain of desperate first-home buyers, acreage land has morphed into an up-market destination for the more well-heeled and established second, third or fourth homebuyer who wants the quiet life or room for the boats, bikes and vans,” the report read. Paradise Waters was another popular pick.Lucy Cole, director of self-titled agency, said to be among good company buy in Paradise Waters, Isle of Capri, Mermaid Beach and Monaco St in Broadbeach Waters. “People who buy in these areas are very savvy, they are not new homeowners, they are established and want to go to areas where the values are all above $1 million,” she said. Ray White Surfers Paradise CEO Andrew Bell said what constituted as a luxury home was different for each buyer. “The interest is not restricted to one or two areas but it is quite interestingly spread across sectors,” he said. “There are locals who are very focused on the necessities of raising a young family … and these people are particularly focused on more central areas, such as, Paradise Waters, Benowa Waters, Broadbeach Waters, and along the coastline to areas such as Mermaid Beach.”“Good interest also exists for the northern suburbs in areas such as Sanctuary Cove, Hope Island and Sovereign Island.“There is a good deal of interest in acreage from many of the downsizing Southerner’s warming to the idea of hobby farms or acreage in which to live out the next stage of their life.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:50Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:50 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenTop tips for sellers in Spring00:50