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Seanad
‹ Order of Business

ESB defined-benefit pensions

Summary

Senator Brennan seeks an urgent debate on the treatment of ESB workers’ defined-benefit pensions, noting decades of substantial employee contributions despite funding difficulties.

At the risk of being accused of being personal or parochial, as a former ESB employee, I am very concerned over how my former colleagues are being treated by this and the previous Government with regard to their defined-benefit pension scheme. Like all ESB employees, I paid almost 7% of gross wages for 40 years to the scheme. Sadly many of my colleagues have not reached retirement age having contributed that amount of their salaries for many years.

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Paddy Burke An Cathaoirleach Fine Gael

That matter might be suitable as a matter on the Adjournment.

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It is not suitable.

We are told by the Government that there are increasing funding difficulties with pension schemes owing to people living longer and the financial downturn. It is no fault of any of those who contributed for many years. A contribution of 7% was and still is a significant amount to pay towards a retirement scheme. I call on the Leader to have an urgent debate with the Minister for Communications, Energy and Natural Resources, Deputy Rabbitte.

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