Unions warn state of €500m hit to ESB pension fund

The ESB's embattled pension fund faces a hit of at least €500 million by 2016, its trade unions have warned the government, which is the company's main shareholder.

20th October, 2013

The ESB's embattled pension fund faces a hit of at least €500 million by 2016, its trade unions have warned the government, which is the company's main shareholder.

In a letter to key cabinet ministers, the group of unions has demanded to know who will cover the amount that will be needed for risk reserves from 2016.

Defined benefit pension schemes must, under minimum funding standard regulations, maintain a risk reserve of at least 10 per cent...

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