1. University of Limerick Superannuation Scheme

2. Benefits of the Pension Scheme Retirement Pension & Lump Sum Death Gratuity Spouses’ & Children’s Pensions

3. Type of Scheme University of Limerick Defined Benefit Scheme (for pre 1 Jan 2013 entrants to the Public Sector) or Single Public Service Pension Scheme: CPI-linked Defined Benefit (for new entrants from 01 Jan 2013) Unfunded – employee contributions Pay-As-You-Go Registered with Pensions Board

4. Contributions Payable For PRSI Class A (Non new entrant*) 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 or Civil Partner & Children’s Scheme *pre 01 Jan 2013

5. Contributions Payable (cont’d) For PRSI Class A (New entrant to Public Sector 01 Jan 2013) 3.5% of net pensionable remuneration PLUS 3% of pensionable remuneration.

6. Retirement Normal Retirement age is 66 for new entrants to the Public Sector (rising to 67 and 68 in line with State Pension age changes) Normal Retirement Age is 65 for employees who joined the Public Sector between 01 April 2004 and 31 Dec 2012. Pre 1 April 2004 entrants to the public sector can retire from age 60 It is possible to retire prior to normal retirement age on a ‘Cost Neutral’ basis.

7. Benefits on Retirement You will be entitled to both a pension and a tax free lump sum Your benefits on retirement are determined by a number of factors: Your PRSI Class Service to retirement Salary on retirement UL pension Scheme or Single Public Service Pension Scheme

8. Example Pension Calculation PRSI Class A (non new entrant)* Retirement Pension: 1/200 th of pensionable pay up to 3.334 times the current rate of Contributory State Pension plus 1/80 th of pensionable pay in excess of this limit Calculation: Actual Salary: €50,000 Current Rate of Contributory State Pension: € 12,017.05 Pension Assuming 40 years service is:  40,056.83 x 40 x 1/200 = € 8,011.37 plus  9,943.17 x 40 x 1/80= € 4,971.58 Total University Pension = € 12,982.95 *pre 01 Jan 2013

9. Example Pension Calculation PRSI Class A (non new entrant) Lump Sum: 3/80ths of pensionable pay 50,000 x 40 x 3/80 = 75,000 Euros

10. Example Pension Calculation PRSI Class A (new entrant)* Money amounts (referable amounts) building towards pension and lump sum are separately accrued each year using the following formula: Pension: Accrual rate of 0.58% of pensionable remuneration up to a ceiling of 3.74 X State Pension Contributory (SPC) (currently €45,000) PLUS (where applicable)1.25% pensionable remuneration above that level. Lump Sum: 3.75% of pensionable remuneration (see Single Public Service Pension Scheme booklet for more information)

11. Retirement Pension PRSI Class A State Social Welfare Pension Total Pension University Pension / Single Scheme Pension + = For members paying PRSI Class D, pension is based on full salary as there is no entitlement to a state pension

12. Transfer of Service 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

13. 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

14. 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

15. Contacts: Pensions Further detailed Pensions information is available on our website: http://www.ul.ie/hr/pensions-superannuation Should you wish to discuss your individual pension, please arrange an appointment with a member of the Pensions Team  Keith McKeague (ext. 2008)  Kate O’Neill (ext. 2930)