Options Available in Order to Maximise Pensions Benefits at Retirement:

Recognising Dublin City University as a young organisation, and also the recruitment pattern that has taken place since 1980, and is likely to continue, it will not be possible for many employees to attain the maximum of 40 years service. Given that the benefits under the Superannuation Schemes relate to length of service, many employees may not, through actual service, attain reasonable benefits. Therefore, staff members may increase benefit entitlement in one or more of the following ways:

(a) Transfer of Service: Where an employee is coming to DCU from another organisation, which is participating in the Public Service Pension Transfer Network, arrangements can generally be made to have pension rights transferred to Dublin City University.

(b) Purchase of Added Years: Employees maybe permitted to purchase added years to facilitate retirement at age 65(and/or age 60 if the member is an "old entrant") if they fulfill certain criteria. The cost of purchasing added years is determined by actuarial tables approved by the Minister for the Public Service. http://www.finance.gov.ie/documents/circulars/circ42006.pdf

(c) Additional Voluntary Contributions (AVCs): Employees can opt to pay additional contributions in order to increase benefits or facilitate retirement at age 60 or 65. Cornmarket (previously Gregan McGuinness Life & Pensions Ltd) manage the Dublin City University approved AVC scheme through Irish Life.

(d) Previous Temporary Service: Where an employee has had previous temporary service with Dublin City University, which was non-pensionable, there maybe an opportunity to reckon this service for pension purposes by paying appropriate contributions. Contributions are levied upon current salary at the time the option is exercised. Equally, where an employee has had previous temporary service with another company which participates in the public service transfer network, the University can investigate the possibility of this service being reckoned for pension purposes also.

(e) Re-Instating Previous Service: Where an employee received a refund of contributions in respect of a marriage gratuity or upon resignation, there maybe an opportunity to re-instate this service and have it reckoned for pension purposes by paying appropriate contributions. This normal repayment terms is the original refund plus interest, however the employee maybe required to pay contributions based upon current and up rated salary.

(f) Transfer Value: Where an employee has retained pension benefits with a previous employer, DCU can investigate the possibility of converting the ‘Transfer Value’ into DCU pension years and transferring same into the DCU Superannuation Scheme.

(g) Professional Added Years: Employees maybe eligible to an award under the Professional Added Years Scheme where the criteria for appointment were of such a nature as to preclude the employee from acquiring full superannuation entitlements by maximum retirement age. Because of the nature of the scheme, an award of added years can only be formally made at the time of retirement.

For staff who were employed prior to 1st January 2005, the following scheme applies. DCU Superannuation (amendment) Scheme 1996.
For all new entrants on or after 1st January 2005, the following scheme applies http://www.finance.gov.ie/documents/circulars/circ82005.pdf.

The costs involved with any of the above options will be carried in full by the employee. The costs will normally attract full tax relief in line with Inland Revenue limits.

Staff who wish to consider any of the above options should contact the Human Resources Office.