Pensions crisis - We need a minister for pensions

The decision by the ESB unions to vote for industrial action puts the spotlight on Ireland’s pensions time bomb; an economic, political, and social catastrophe waiting to happen.

The prospect of power cuts in the run-up to Christmas is horrifyingly real. What is equally horrifying is the underlying reason why more than 87% of the ESB group of unions took this decision.

Their concern relates to a €1.6bn deficit in the company pension scheme, something that staff have complained about for more than two years. The deficit means ESB staff approaching retirement are likely to have their pensions drastically reduced.