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University of Limerick

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 .

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University of Limerick

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  1. University of Limerick Superannuation Scheme

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

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

  4. 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

  5. Retirement Pension - Example • Retirement Pension: • 1/200th of pensionable pay up to 3.334 times the current rate of Contributory State Pension plus • 1/80th of pensionable pay in excess of this limit • An Example: • 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

  6. Retirement Pension – Contd. = +

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

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

  9. 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

  10. 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

  11. 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

  12. 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

  13. 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. 4344 • Stephanie Duffy, HR Administrator Pensions Ext. 3449

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