Massive hole in ESB pensions

[Digout]

TV3 just reported that there is a massive hole in the ESB pension scheme, almost €2 billion.

http://www.tv3.ie/article.php?articl...&pagename=news

[anewbeginning]

That is very very serious and I presume it's true...

I assume that's where their profits will be diverted from now on?

Gambling on the stock market was always going to end in tears.

[Digout]

I guess this means that the ESB is now back to being a non government controlled company, as opposed to last week when it was a government company when they were announcing jobs.

[asset test]

Would it be true that if the profits are diverted to propping up the pension fund (for a VERY well paid workforce), that the exchequer will have to forego that profit stream of income?

[Ah Well]

Only guessing but presumably further profits will be somewhat dented as well with the massive outflow of customers over to Bord Gais recently .... as in reduced electricity prices to come plus loss of customer base to Bord Gais -> less profit -> continuing not so funny pension scenario

[COMMIE]

This is the second semi-state company to annouce this. Bord Na Mona told thier employees under 60yrs old will recieve no pensions about two weeks ago.