Dáil Éireann Debate, Tuesday - 21 October 2014
595. Deputy Terence Flanagan asked the Minister for Communications, Energy and Natural Resources the position regarding ESB pensions (details supplied); and if he will make a statement on the matter. [40420/14]
Amharc ar fhreagraWhile this is a matter for the management and staff of the ESB, and not a matter in which I have a function, I welcome the opportunity to address the matter. The ESB General Employees’ Superannuation Scheme is the scheme through which pensions for the majority of employees in the electricity business are funded. The fund is vested in trustees nominated by ESB and its members for the sole benefit of employees and their dependents. The Scheme is a defined benefit scheme and is registered as such with the Pensions Authority (formerly the Pensions Board). The Trustees of the ESB scheme, with the agreement of ESB, submitted a funding plan for the Scheme to the then Pensions Board, which was approved in October 2012.
The 2013 ESB Annual Report stated that the pension scheme does not have a deficit on an ongoing actuarial basis, and while it would have a deficit in a wind-up situation ("Minimum Funding Standard"), the funding plan which was approved by the Pensions Board was to resolve this deficit by 2018. This plan is on track and there are no plans to wind up the scheme. Should a deficit arise in the future, the obligation on the company, as set out in the Scheme regulations, to consult with the parties to the Scheme remains unchanged.
The issue of management of and attendance at meetings convened in respect of operation of the pension scheme is a matter for the Trustees of the Pension Fund and not one in which I have a role or function.
