1. Document Number PD009.1 1 Core Portal Pension & Personnel Self-Service Information Session

2. Document Number PD009.1 2 Core Portal Self Service - Aims Show you how to view your Personal Pension record via Core Portal Pensions and to model your future pension entitlements. Show you how to view and update your Personnel Details to ensure your personnel details are accurate and up-to-date.

3. Document Number PD009.1 3 Core Portal Self Service - Aims This presentation will provide you with an overview of the pension record keeping system and some basic terms.

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5. 5 How do I Log In? The link to access Core Portal Pension & Personnel is available on the HR Website Use your network log in details. If you need to change your password you can do so when you log on to the network.

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7. 7 My Pension Self Service

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9. 9 Frequently Used Terms Class A PRSI – Integrated Pension Staff receive a pension from UL and are also entitled to receive the State contributory old age pension. Class D PRSI Staff are not entitled to State pension, therefore they receive their entire pension from one source, UL.

10. Document Number PD009.1 10 Definitions Integrated Salary /Coordinated/ Net salary: – salary less twice the current rate of contributory state pension e.g. if current salary is 50,000 Euros integrated salary is: (50,000 – (12017.05*2))= 25,965.90Euros Normal Retirement: –the 30 th September following your 65 th Birthday

11. Document Number PD009.1 11 Definitions Ctd. The Public Service Superannuation (Miscellaneous Provisions) Act, 2004, came into effect on 1 April 2004. In summary, the Act: makes 65 the minimum age at which pensions may be paid to all new entrants to the public service; provides that all new entrants to the public service will not be required to retire on grounds of age; The Act does not change the terms and conditions of public servants who were serving on 31 March 2004 (minimum pension age is 60 and membership must cease at end of academic year after reaching age 65).

12. Document Number PD009.1 12 Pension Calculation Example Albert has just turned 65 and is retiring after 40 years service. His retiring salary is €50,000. He joined the Superannuation and Spouse’s & Children’s Schemes on entry to the organisation. BENEFIT CALCULATIONS CLASS A PRSI Annual Pension €40,056.83 x 40 /200 = € 8,011.37 €9,943.17 x 40/80 = €4,917.58 University Pension €12,982.85 Plus State Pension €12,017.05 €25,000.00 Gratuity €50,000 x 40 / 80 x 3 = €75,000 BENEFIT CALCULATIONS CLASS D PRSI Annual Pension €50,000 x 40 /80 = €25,000 Gratuity €50,000 x 40 / 80 x 3 = €75,000

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14. Document Number PD009.1 14 Possible Calculations Normal Retirement: 65 th Birthday Early Retirement: Only applies to non-new entrants (60 - 64) Death-In-Service Benefits: details how calculated Preserved Benefits: if you leave with 2 or more years service benefits are frozen and become payable at retirement Cost Neutral Early Retirement Benefits: an actuarial reduction is applied to the lump sum and pension. –CNER for non-new entrants if from age 50-59. –CNER for new entrants is from age 55-64.

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17. Document Number PD009.1 17 Contact Information If you would like to discuss your individual retirement calculation please contact pensions@ul.ie or a member of the pensions team to make an appointment:pensions@ul.ie Pension Contacts: Brian Mc Cann, HR Officer PensionsBrian.McCann@ul.ieBrian.McCann@ul.ie Caroline Neylon, HR Officer PensionsCaroline.Neylon@ul.ieCaroline.Neylon@ul.ie Elaine Fitzgerald, Pensions Administrator Elaine.Fitzgerald@ul.ieElaine.Fitzgerald@ul.ie

18. Document Number PD009.1 18 My Personnel Self Service

19. Document Number PD009.1 19 My Personnel Profile

20. Document Number PD009.1 20 My Personnel Detail

21. Document Number PD009.1 21 My Next of Kin

22. Document Number PD009.1 22 My Payment Detail

23. Document Number PD009.1 23 My Contact Detail

24. Document Number PD009.1 24 My Dependent Detail

25. Document Number PD009.1 25 Appendix

26. Document Number PD009.1 26 University of Limerick Superannuation Schemes Brief Outline

27. Document Number PD009.1 27 Superannuation Scheme Membership is compulsory for all permanent and contract staff. Scheme’s administered by UL and are based on the Public Sector Model Schemes. Defined Benefit. Pay-as-you-go.

28. Document Number PD009.1 28 Benefits On Retirement Provides a retirement gratuity and pension for members who reach retirement age or who retire early on ill health grounds before normal retirement age. On Death-In-Service Provides for the payment of a lump sum death benefit to the member’s estate/legal personal representative should the member die in service.

29. Document Number PD009.1 29 Spouse’s & Children’s Scheme Benefits I The schemes provide payments to the member’s spouse and/or children should the member die in service or retirement. Death in Service or Ill-Health Retirement The spouse’s and children’s pensions are based on the number of years the staff member would have served to age 65 (to a max. of 40 years).

30. Document Number PD009.1 30 Spouse’s & Children’s Scheme Benefits II Death in Retirement Spouse’s and children’s pensions are based on the member’s pension already in payment. A spouse’s pension is normally half that of the pension paid to the member. A child typically receives one third of the spouse’s pension where there are up to three children.

31. Document Number PD009.1 31 Spouse’s & Children’s Pensions Dependants Fraction of DP to Spouse Fraction of DP to Children Total Fraction of DP Spouse only½ of deceased’s pension - Spouse and 1 child½ of deceased’s pension 1/6 of deceased’s pension 2/3 of deceased’s pension Spouse and 2 children ½ of deceased’s pension 1/3 of deceased’s pension 5/6 of deceased’s pension Spouse and 3 or 3+ children ½ of deceased’s pension Full amount 1 child no spouse-1/3 of deceased’s pension 2 or 2+ children no spouse -½ of deceased’s pension

32. Document Number PD009.1 32 Frequently Asked Questions I How much do I pay? This is dependent on whether you pay Class A or Class D PRSI. Those who pay Class D PRSI pay 5% of full salary. Those who pay Class A PRSI pay 1.5% of full salary and 3.5% of net salary (salary less twice annual SW pension). There is an additional contribution for the Spouse’s and Children’s Scheme which is 1.5% of full salary for all staff. How many years do I have to work to qualify for a full pension and gratuity? Your benefits are based on a maximum of 40 years service.

33. Document Number PD009.1 33 Frequently Asked Questions II What counts as ‘service’? Permanent service with UL Contract or part-time service with UL for which contributions have been made, where relevant Service transferred from Public Sector/Local Authorities Purchased Service Notional Added Years Note: Time spent on career break or periods of unpaid leave are not counted as service.

34. Document Number PD009.1 34 Frequently Used Terms Class A PRSI – Integrated Pension Staff receive a pension from UL and are also entitled to receive the State contributory old age pension Class D PRSI Staff are not entitled to State pension, therefore they receive their entire pension from one source, UL.

35. Document Number PD009.1 35 New Pensions Act The Public Service Superannuation (Miscellaneous Provisions) Act, 2004, came into effect on 1 April 2004. In summary, the Act: makes 65 the minimum age at which pensions may be paid to all new entrants to the public service; provides that all new entrants to the public service will not be required to retire on grounds of age; The Act does not change the terms and conditions of public servants who were serving on 31 March 2004 (minimum pension age is 60 and membership must cease at end of academic year after reaching age 65). The full text of the Act is available on the Department of Finance website.

36. Document Number PD009.1 36 Transferring Service I The Public Service Transfer Network and Local Government Transfer Network allows service to be transferred between bodies. Members may operate under different transfer options but this does not normally affect the transfer of the individual’s service. An example of organisations included in the transfer networks include: –Civil Service Departments –Universities –Hospitals –Semi State Bodies –State Agencies –Local Authorities

37. Document Number PD009.1 37 Transferring Service II What happens if you leave UL? If you are taking up employment within the public sector you can transfer your UL service to that body. If you are taking up employment within the private sector and (i) have more than 2 years service you must preserve your benefits which will become payable from age 60/65, OR If you leave with less than 2 years pensionable service you must take a refund of your contributions, less tax which is currently 20%.

38. Document Number PD009.1 38 Increasing Pension Benefits I For members who will have less than 40 years service at retirement it is possible to increase service by one of the following methods: Purchase of Additional Years OR Additional Voluntary Contributions Tax relief if available on both methods subject to limits set by the Revenue Commissioners.

39. Document Number PD009.1 39 Increasing Pension Benefits II Purchase of Notional Service The cost of purchasing service is based on actuarial tables produced by the Department of Finance. Each additional year costs a percentage of salary, and the percentage increases with age. There are two sets of tables, one for those wishing to retire at 65 and another for those who intend to retire at 60 (age 60 not available to new entrants). Normally, added years are purchased by periodic contribution up to retirement age, however, it is possible to purchase added years by lump sum.

40. Document Number PD009.1 40 Increasing Pension Benefits III AVC Scheme Additional voluntary contributions are deducted from salary each pay day or on a once off basis and invested by brokers on your behalf. Under the AVC Scheme (which is a DC scheme) your eventual benefits depend on the performance of your contributions. For further information, full details of the University of Limerick AVC plan are available on the HR website.

41. Document Number PD009.1 41 Tax Relief Under Irish tax regulations, you can get full tax relief for superannuation purposes subject to the following limits: up to 30 years of age15% of annual salary 30 - 39 years of age20% of annual salary 40 - 49 years of age25% of annual salary 50 - 54 years of age 30% of annual salary 55 - 59 years of age 35% of annual salary Over 60 40% of annual salary

42. Document Number PD009.1 42 Contact Information Copies of this presentation will be available on the University’s intranet. If you would like to discuss any specific questions please contact pensions@ul.ie pensions@ul.ie Pension Contacts: Dympna Healy, HR Officer Pensions dympna.healy@ul.iedympna.healy@ul.ie Jennie Gale, Pensions Administrator jennie.gale@ul.iejennie.gale@ul.ie