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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

University of Limerick

Superannuation Scheme

type of scheme
Type of Scheme
  • Defined Benefit
  • Unfunded – employee contributions
  • Pay-As-You-Go
  • Registered with Pensions Board
benefits
Benefits
  • Retirement Pension & Lump Sum
  • Death Gratuity
  • Spouses’ & Children’s Pensions
benefits contributions
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 - 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
lump sum example
Lump Sum - Example
  • Lump Sum: 3/80ths of pensionable pay
  • 50,000 x 40 x 3/80 = 75,000 Euros
benefits death gratuity
Benefits – Death Gratuity
  • A death gratuity is payable to a legal personal representative in the event of your death
benefits spouses children s
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
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
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
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
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