Friday 20 October 2017

McManus has €3.6m pension pot

Louise McBride

Louise McBride

ESB boss Padraig McManus (above), whose total pay package for 2009 came to a whopping €752,568, could enjoy a pension pot of at least €3.6m when he retires, according to Ian Mitchell, of financial advisers Eighty20focus.

However, McManus could have to make do with a pot of €2.4m if the ESB pension scheme, which is about €2bn in deficit, cannot afford to pay the 3 per cent increase in his pension each year -- as promised in the latest annual report.

McManus announced last week that he would be stepping down as ESB boss once a successor is found.

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