This is a reminder to draw your attention to the Joint Meeting scheduled for Wednesday next 29th. September in the Merrigan Hall, Abbey St. Dublin 2 at 2 pm.
The request for subscriptions to the Contingency Fund has had a very generous response thus far. If you have not already posted a cheque to your Branch Treasurer, please bring yours to the meeting where the Treasurers will be glad to collect them.
ESB - Retired Staff Association - ESB
Dear Fellow Pensioners,
What are the threats to your pension and what can you do about it?
Despite what ESB have told you in their recent letter the ESB/Group of Unions Proposals to address the Pension Fund deficit of €1.9 BN, will have a serious detrimental effect on your pensions in the future.
Do not be fooled by ESB’s stated position that your pension is secure. Pensioners will suffer pension losses as follows:
- Have no guarantee that pensions will be adjusted for cost of living in any given year
- May get compensation when inflation is less than 4% subject to the fund being ‘solvent’
- Will be limited to a 4% compensation when inflation exceeds 4%
- Are guaranteed that inflation will exceed 4% on average 1 year in 2 during their retirement
- Are guaranteed that the traditional link between their pensions and staff salaries will be abandoned
- Will have their pensions frozen until 31/12/ 2013.
- Will pay more towards the cost of fixing the pension fund deficit than either ESB or serving staff.
Based on Central Statistics Office figures:
- Inflation has exceeded 4% in 20 out of 38 years from 1971 to 2008
- Inflation has exceeded 4% in 5 out of 10 years from 1999 to 2008
What can you do?
This is the most serious attack on pensioners ever and the Retired Staff Association, on your behalf, has decided to seek professional advice from a solicitor and actuary with expertise in this area. We are asking for a voluntary contribution asap from all pensioners of at least 10 Euro to create a contingency fund to cover cost of professional fees. Please send contributions to HO Branch Treasurer, Frank Farrelly, at 46 Granville Road, Dun Laoghaire or Dublin Region Treasurer, Jimmy Murphy at Coneyboro, Dublin Rd., Celbridge, Co. Kildare. Receipt will issue in due course.
There will be an Extraordinary Joint Meeting of the Dublin Region and Head Office Branches on Wednesday 29th. Sept. in the Matty Merrigan Hall, Abbey St. to address these issues. We are urging all members to attend this meeting. We need your full support in whatever action is necessary to protect our pensions.
Keep up to date by logging onto the pensioners’ website: http://www.superann2u2.com
Billy Kelly Paddy Philpott
Chairman Head Office Branch Chairman Dublin Region Branch