University of Limerick
Superannuation Scheme
Benefits of the Pension Scheme
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Retirement Pension & Lump Sum
Death Gratuity
Spouses’ & Children’s Pensions
Type of Scheme
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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
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Contributions Payable
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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
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.
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.
Benefits on Retirement
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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
Example Pension Calculation
PRSI Class A (non new entrant)*
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
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
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
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)

Retirement Pension

PRSI Class A
University
Pension /
Single
Scheme
Pension

+
State Social
Welfare
Pension
=
Total
Pension
For members paying PRSI Class D, pension is based
on full salary as there is no entitlement to a state
pension
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
Additional benefits
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Income Continuance Cover:



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Life Cover
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
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75% of pre-disability salary until age 65
Cost is 0.60% of gross salary
First three months membership free
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
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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
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

Ellen Keegan, HR Officer Pensions (ext. 4344)

Noelle O’Connor, HR Administrator Pensions (ext. 3155)