Dispute over alleged €8.3m loss to pilots’ pension fund settled

A High Court dispute over an alleged €8.3 million loss to an airline pilots' pension fund has been settled.

The Irish Airline Pilots’ pension fund had brought proceedings against its investment and pension administrator claiming it suffered the loss as a result of a failure to cash in equity holdings in a timely fashion.

The Irish Airline Pilots Pension DAC, the trustee of the pilots’ superannuation scheme, claimed Mercer (Ireland) Ltd’s failure to implement an instruction to it in February 2020 in a timely way led to a loss to the scheme of €4.6 million by the end of that month. By the time the actual disinvestment was made, the loss was €8.3 million, it was claimed.

The pension scheme’s proceedings against Mercer were for alleged breach of contract, breach of duty and negligence.

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Mercer is strongly denying the claims.

The case was due for hearing before Mr Justice Denis McDonald in the fast-track commercial division of the High Court on Tuesday when the judge was told by James Doherty, for the pilots’ pension fund, that the case had been resolved. He asked that it be adjourned for four weeks for mention.

The judge congratulated the parties and adjourned the matter to next month for mention.