Pensions

I am ceasing pensionable employment. What happens to my pension benefits?

Upon ceasing employment, your pension entitlements under the Single Scheme will depend on whether you have completed more than or less than the Scheme Vesting Period. The Scheme Vesting Period is precisely two calendar years' of pensionable service. If you have worked two or more full calendar years in a pensionable capacity, even in a part-time capacity, this is still regarded as two years. You will only have a long-term entitlement to a retirement benefit under the Scheme if you have completed at least two calendar years of pensionable service.

How can I find out what Pensions Options are available to me?

Once the Pensions Office has been notified by Employee Services that you have ceased pensionable employment with the University, we will automatically write to you within 6 – 8 weeks of your leave date. This will outline the Options available to you.

You should ensure that Trinity University Human Resources hold an up-to-date home address in order that we can write to you in relation to your pension entitlements and, if applicable, to forward your P45.

Your home address can be updated via CorePortal. If you do not have access to CorePortal, a form to notify Human Resources of a change of address can be downloaded from the HR website and should then be returned by email to hr@tcd.ie.

What are my options if I have completed less than two years' service in the scheme?

Option 1 – In general terms, where service completed in the Scheme is less than the two years, members do not have a long-term entitlement to a retirement or death benefit from the Scheme.

If you are not immediately taking up a pensionable position in another Irish Public Service Body to which the terms of the Single Public Service Pension Scheme apply, then you may apply for a refund of any employee pension contributions paid less statutory tax (currently 20%).

If choosing this Option, you may also be eligible to apply for a rebate of any Pensions Related Deduction (PRD) that was deducted from your salary during your period of pensionable employment. By law, PRD can be only reclaimed if you meet all of the following conditions:
You have not taken up employment in a pensionable capacity with another Irish Public Service body;
AND
You are not entitled to a retirement benefit from any Irish Public Service Pension Scheme (Trinity College or elsewhere);
AND
You are not in receipt of an allowance in lieu of pension membership (if you are being employed by an Irish Public Service body)

The correspondence that will issue to you will include details of the amount of employee pension contributions and PRD that you have paid, and the applications forms to formally claim any potential refunds.

Employee pension contribution refunds and PRD rebates are issued by electronic fund transfer to the Irish bank account to which your University salary was last paid, as recorded on the University Payroll System.

Option 2 – If you are moving to a pensionable position within the Irish Public Service, instead of a refund of employee pension contributions and Pension Related Deduction (Option 1), you will continue your membership of the Single Scheme with your new employer. There is no further action required by you. In the future, the Single Scheme will be administered by a centralised service team and this team will be responsible for the payment of all Single Scheme benefits accrued during your working life.

I have completed more than two years' service in the Scheme. What are my Options?

In general terms, where pensionable service completed is more than two years, members will have a long-term entitlement to a retirement or death benefit from the Scheme. The benefit will be based on referable amounts accrued to your date of leaving. We will automatically write to you within 6 – 8 weeks of leaving with the details of these benefits.

For details on how the benefits are calculated please refer to the Scheme Explanatory Booklet here.

If you are moving to a pensionable position within the Irish Public Service you will continue your membership of the Single Scheme with your new employer. There is no further action required by you. In the future, the Single Scheme will be administered by a centralised service team and this team will be responsible for the payment of all Single Scheme benefits accrued during your working life.

Further Information

The Single Public Service Pension Scheme website contains the Scheme Booklet and lots of other useful information on the Pension Scheme.

If you are unable to find the relevant information or you have a general query regarding your benefits you should contact the Pensions Office.