Electricity Supply Board

Dáil Éireann Debate, Wednesday - 17 November 2021

Wednesday, 17 November 2021

Questions (43)

Bríd Smith

Question:

43. Deputy Bríd Smith asked the Minister for the Environment, Climate and Communications if he and the Pensions Authority have signed a minimum funding standard submitted to them by the trustees of the defined benefit scheme in the ESB; if not, when he expects to sign off on the proposals; if his attention has been drawn to the fact that this proposal was arrived at with no consultation with the retired workers affected or their representative association; if this runs counter to the commitments of the Government; and if he will make a statement on the matter. [56337/21]

Written answers

Minister for the Environment, Climate and Communications

Under the Code of Practice for the Governance of State Bodies and in line with circular 12/2014, my approval and that of the Minister for Public Expenditure and Reform is required prior to the submission by the Trustees of the ESB Defined Benefit Pension Scheme of a Funding Proposal to the Pensions Authority.  The Funding Proposal is a statutory requirement under Section 49 of the Pensions Act 1990 (as amended).  A formal submission was received from the company secretary on behalf of the Board in June 2021. Following consideration by my Department and in line with the recommendations of NewERA, I gave my consent in July 2021. 

Employee engagement either directly or through representative associations is a matter for the Company. I have asked ESB to respond directly to the Deputy on this matter.