ESB Pensions Scheme

The results of the Actuarial Valuation of the ESB Pension Scheme were presented to meetings of the ESB Board, the Trustees and the Superannuation Committee on Wednesday, 22nd April. In addition, the Actuary also briefed the EDT Group of Unions Forum on the issue.

The Actuary reported a projected deficit of €1,957 million at 31st December 2008. In his report the Actuary has attributed the serious increase in the deficit since the last valuation to the fall in fund value as a result of the collapse in investment markets during 2008. The fall in value was broadly in line with that of other Irish pension funds in 2008.

More information is available in the Pension Scheme Annual Report Digest (summary report), including the Actuary's report on the funding position under the Minimum Funding Standard of the Pensions Act. This is now being circulated. In advance of the outcome of the valuation, Management and the Group of Unions were already jointly reviewing pension issues within the company. As is required under the regulations governing the scheme, ESB will also be consulting the Trustees and Superannuation Committee on measures to address the position. All parties are committed to working together to develop a resolution to the funding difficulty facing the scheme.