The Tánaiste and Minister for Social Protection, Joan Burton, T.D., has today (9th December 2014) secured Government approval for a mediator set of recommendations to settle the long-running Waterford Crystal pensions case.

Under this settlement, the former workers of Waterford Crystal will receive significant pensions and a tax-free lump sum by way of compensation for the delay and stress involved in bringing Irish and European Court cases to resolve the matter.

This case arose as a consequence of the Waterford Crystal company being found insolvent and its occupational pension schemes being wound up with deficits in 2009.

A number of legislative and procedural issues are being put in place and will be finalised early in the New Year with a view to having lump sums paid as early as possible in 2015 and pension payments starting by the middle of the year. The settlement will include all 1,774 deferred members of the Waterford Crystal Staff and Factory Pension Schemes and will encompass the families of some members who have unfortunately died since the company went into receivership.

The Tánaiste said: “I am very pleased to announce today a resolution for the Waterford Crystal workers and their families, subject of course to the workers balloting on and accepting the proposals. I hope this will bring security and peace of mind for them in the certain knowledge that their pension entitlements are now secure.”

The Tánaiste also praised Mr Kieran Mulvey of the Labour Relations Commission, saying: “I’d like to sincerely thank Kieran Mulvey, who chaired the mediation process, for helping to bring about a resolution to this highly emotive and very complex and technical set of problems.”

The Tánaiste continued: “I’d also like to commend the representatives of the former Waterford Crystal workers who have done a tremendous job in representing the case and in striving for a fair resolution to this very difficult problem. I hope and trust they will see this as a very satisfactory outcome to their efforts, which will benefit not alone the workers and their families, but the economy of their local communities too.”

Finally, the Tánaiste noted: “I introduced legislation in the Social Welfare and Pensions (No 2) Act 2013 and subsequent changes have been made in regulatory policy to ensure that this situation cannot arise in the future for workers or the State.”