ESB Defined Contribution Pension Scheme

The Defined Contribution pension scheme was originally set up to provide pension arrangements for staff employed by subsisidiary companies of ESB.  Since 2010, following the closure of the DB scheme to new entrants, all new staff recruited by both ESB and its subsidiaries have their pension provisions made through the ESB Defined Contribution Pension Scheme.

In a Defined Contribution pension scheme there is no guarantee of a given outcome on retirement (as there presently is with the DB scheme) and all investment risk rests with the employee.  Historically, the contribution rate was a total of 13% and it was felt that this was inadequate to provide a reasonable pension.  In 2008 a working group was set up to review the scheme and subsequently new arrangements were introduced to the scheme in 2010.  One of the most significant changes is that each five years members can opt to increase the contribution and the employer will match the increase. 

More details of the scheme can be found in a DC Scheme brochure in the Members' section.