University of Limerick Superannuation Scheme. Type of Scheme Defined Benefit Unfunded – employee contributions Pay-As-You-Go Registered with Pensions.

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Presentation transcript:

University of Limerick Superannuation Scheme

Type of Scheme Defined Benefit Unfunded – employee contributions Pay-As-You-Go Registered with Pensions Board

Benefits Retirement Pension & Lump Sum Death Gratuity Spouses’ & Children’s Pensions

Benefits & Contributions 1.5% of basic salary and pensionable allowances 3.5% of basic salary and pensionable allowances less twice current rate of State Contributory Pension in respect of pension benefits 1.5% of basic salary and pensionable allowances in respect of the Spouses & Children’s Scheme

Retirement Pension - Example Retirement Pension: 1/200 th of pensionable pay up to times the current rate of Contributory State Pension plus 1/80 th of pensionable pay in excess of this limit An Example: Actual Salary: €50,000 Current Rate of Contributory State Pension: € 12, Pension Assuming 40 years service is: 40, x 40 x 1/200 = € 8, plus 9, x 40 x 1/80= € 4, Total University Pension = € 12,982.95

Retirement Pension – Contd. State Social Welfare Pension 12, Euros University Pension 12, Euros + = Total Pension 25,000 Euros

Lump Sum - Example Lump Sum: 3/80ths of pensionable pay 50,000 x 40 x 3/80 = 75,000 Euros

Benefits – Death Gratuity A death gratuity is payable to a legal personal representative in the event of your death

Benefits – Spouses & Children’s This scheme provides for the spouse (or civil partner) and dependent children of a members who dies in service or after qualifying for a pension or preserved pension

Transfer of Service Inwards If you have Public Sector Pension Service it may be transferable to UL under the Transfer Scheme Please contact a member of the Pensions Team to discuss in detail

Additional Benefits: Income Continuance Cover: 75% of pre-disability salary until age 65 Cost is 0.60% of gross salary First three months membership free Life Cover 2.5 x salary in the event of death Cost is 0.558% of gross salary paid monthly To apply see online Detailed Information & Application forms for both policies are available on the HR Website

Employee Self Service – Core Portal View your Personal Pension record via Core Portal Pensions and to model your future pension entitlements. View and update your Personnel Details to ensure your personnel details are accurate and up-to-date See the Pensions Section of the HR Website

Contacts: Pensions Should you wish to discuss your individual pension, please arrange an appointment with a member of the Pensions Team  Ellen Keegan, HR Officer Pensions Ext  Stephanie Duffy, HR Administrator Pensions Ext. 3449

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