Friday 28 November 2014

ESB Group of Unions threatens legal action over pension scheme

Published 05/03/2014 | 10:52

Lawyers for the ESB Group of Unions have sent a letter to the company’s CEO and Chairman

Lawyers for the ESB Group of Unions have sent a letter to the company’s CEO and Chairman - Pat O'Doherty and Lochlann Quinn - threatening legal action over a pension scheme for workers.

The letter sends a warning to management over how the scheme should be accounted for in the 2013 figures.

Last year, industrial action was avoided when the firm resolved a dispute over how the pension fund of the ESB was accounted for.

The ESB board is meeting today to sign off on its 2013 accounts.

These are expected to show the largest-ever profit for a semi-state company of €600 million profits.

In the letter sent to management this week, the Group of Unions stresses that the fund must be be referred to as a ‘defined benefit scheme’ and a ‘balance of costs’ scheme in the 2013 accounts.

It warns that “any reference to the contrary in the Accounts may constitute a misrepresentation“.

The legal letter states that it wants "to ensure that the Scheme is accounted for correctly by ESB in the Annual Accounts for the year ended 31 December 2013 and future years.”

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