Pensions - Single Scheme approaching retirement

You are invited to attend a pre-retirement seminar or a mid-career seminar run by the Retirement Planning Council of Ireland (RPC). If you are interested in attending, please visit the RPC website and let the Pension team know what course dates suit. We would be happy to organise this on your behalf. Your spouse/partner is also invited to attend.

Bank Form: An updated signed form is required. However, if your bank details remain unchanged to those held by DCU Payroll, you simply need to indicate that the details are 'as before', complete page 2 and sign and return the form to the Pension team.

Standard Fund Threshold (SFT) Pension Declaration Form: The Standard Fund Threshold (SFT) is a limit on the total capital value of pension benefits that an individual can draw from tax-relieved pension arrangements, which came into payment for the first time after 7th December 2005. While not exhaustive, benefits are taken to include those from defined benefit occupational pension schemes, defined contribution occupational pension schemes, retirement annuity contracts (RACs), personal retirement saving accounts (PRSAs) and additional voluntary contributions (AVCs). Please note that, in general, there are no implications for anyone earning less than 200K per annum and who have no further additional/independent benefits in addition to their public service benefits. If the capital value of pension benefits exceeds €2M, the excess on the €2M limit is subject to tax at 40%. Further information available at http://www.pensionsauthority.ie/en/LifeCycle/Tax/Lifetime_limit_on_pens…

ASC12 Form: All members of Public Service Pension Schemes pay a Pension Levy known as Additional Superannuation Contribution (Previously Pension Related Deduction).  If you are retiring mid-year, you may be eligible for a refund.  By completing and returning the ASC12 form, Payroll can assess your eligibility in this regard.

Pension Declaration Form: Under the Pensions Act 2012, a limit of 40 year's pensionable service across multiple public service pension schemes was introduced. In addition, all retiring staff are obliged to make declarations of entitlement to retirement benefits including preserved retirement benefits from any other Public Service Pension Scheme. This form be completed and returned to the Pension team.

Pensions are subject to income tax in the normal way. Lump sums that exceed €200,000 will be liable to taxation. Lump sums between €200,001 and €500,000 are taxed at 20%, with any balance over this amount taxed at your marginal rate and subject to the Universal Social Charge.

If you have been a member of the DCU Income Continuance Plan, your contribution to the Plan included a payment towards a Death Benefit should you die whilst in employment. This Death Benefit under the DCU Income Continuance Plan and Pension Scheme will end when you retire. Due to your membership of the Death Benefit element of the DCU ICP, you will automatically be included in the Retired members’ Life Cover Plan, upon retirement, without having to undergo any medical underwriting. You will receive correspondence from Cornmarket, who administer the Plan on DCU's behalf, following your retirement and you will be given the option to opt-out of the Plan if you so wish.

It is preferable that all annual leave due is taken prior to retirement, if possible. If you do have annual leave remaining could you let the pension team know your outstanding balance, in due course, so that we can arrange payment due.