ESB union threatens strike action over pension deficit

Shop stewards from the Technical, Engineering and Electrical Union (TEEU) have reportedly threatened to call for strike action if the ESB tries to get staff to part fund a €511m deficit in the company's pension fund.

Reports this morning said the Cork branch of the TEEU had passed a resolution calling for strike action if ESB management made any move to change the conditions of the pension scheme.

The reports said an actuary who reviewed the scheme earlier this year had recommended that contributions be increased from 6.5% of salary to 11.6% in order to plug the multi-million euro deficit.

However, TEEU members are reportedly adamant that their pension fund is a defined benefit scheme, meaning the ESB is obliged to bear the cost of any shortfall.