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New staff
Joined public service before 06/04/1995: Class D PRSI non-new entrants - you contribute 5% of your gross pensionable salary to the main scheme plus 1.5% of pensionable salary for Spouse & Children’s pension.
Joined public service before 01/04/2004: Class A PRSI non-new entrants - you contribute 1.5% of your gross pensionable salary plus 3.5% of your net pensionable salary* to the main scheme plus 1.5% of pensionable salary for Spouse & Children’s pension.
Joined public service after 01/04/2004: Class A PRSI new entrants - contribute 1.5% of your gross pensionable salary plus 3.5% of your net pensionable salary* to the main scheme plus 1.5% of pensionable salary for Spouse & Children’s Pension.
Joined public service after 01/01/2013: You contribute 3% of gross pensionable salary plus 3.5% of net pensionable salary (1.5% to lump sump and 1.5% to Spouse & Children's pension).
In line with your membership to the DCU Superannuation Scheme, you will be automatically included in the DCU Group Income Continuance Plan (ICP) with effect from the same date. The Income Continuance Plan provides a source of income in the event of long or short-term temporary disability. The Group Scheme also provides death in service cover of twice your annual salary, with the additional option to avail of the Retired Members’ Life Cover Plan without underwriting at retirement.
Option out: You reserve the right to opt out of the Group Scheme. You will receive an opt out form with your contract. Before exercising this option, you are required to read the summary booklet.
Employees can opt to pay additional contributions (AVCs) in order to increase benefits or facilitate retirement at age 60 or 65. Cornmarket manage the DCU-approved AVC scheme through Irish Life. For financial advice and information on the possibility of maximising your retirement benefits, you do have the option of meeting with a Cornmarket consultant.
Not sure what an AVC is? Watch Cornmarket’s 4-minute video.
To find out more about AVCs, access the Pensions Authority Summary of Public Service AVC options.
Or contact Cornmarket:
David Byrne Be., MSc., QFA.
Senior Retirement & Investment Consultant
Cornmarket Group Financial Services Ltd.
T. +353 (0)1 408 4058
M. +353 (0) 87 377 8273
Christchurch Square, Dublin 8
The Pension Levy came into effect on 1st March 2009. It has subsequently been renamed as Additional Superannuation Contributions which is a tax payable by public sector employees.
The DCU Finance page will tell you more about ASCs. You can access the Dept of Public Expenditure and Reform website for further information.