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Grace Period for Retirements

Overview

The Financial Emergency Measures in the Public Interest Act 2013, as amended by Financial Emergency Measures in the Public Interest Act 2015, allows staff who retire on or before 1 April 2019, to have their pension calculated on the pay rate in force prior to 1 July 2013. Interested staff members should visit their ESS pension record where they can run comparative figures using their online pensions calculator.

Note: The grace period was originally due to expire on 31 August 2014. It was subsequently extended to 30 June 2015 and then 30 June 2016. The grace period has now been extended to 1 April 2019.

Members retiring on or before 1 April 2019 who intend to make an application for Professional Added Years to the Ministers are advised to submit their retirement decision 6 months in advance of their retirement date.

 

 

 

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Frequently Asked Questions

  • I will be retiring from UCD shortly; will my pension benefits be affected by Haddington Road or FEMPI 13?

The Financial Emergency Measures in the Public Interest Acts contain a provision which allows staff who retire before 01/04/2019, to have their pension benefits calculated on the pay rate in force prior to 01/07/2013. Pay cuts only apply to staff who are on salaries (plus pensionable allowances if applicable) of greater than €65,000 p.a. A new rate of PSPR (public Sector pension reduction) was also introduced for pensions coming into payment after 01/03/2012, which are over €32,500 p.a.

  • I will not reach my 65th birthday until after the 01/04/2019 which is the end of the grace period provided for in FEMPI Acts; can I retire before my 65th birthday to avail of the grace period?

Staff who may wish to avail of the “grace period” should visit their online pension record through ESS, where they can run comparative figures using their online pensions calculator. The calculator will provide the relevant options depending on the pension scheme you are a member of.

  • I have tried to run pension comparisons on my online pensions calculator for a retirement date prior to the 01/04/2019, but it is using the cut salary in the calculation. Should this not be my salary prior to the cuts applied on 01/07/2013?

The online pensions calculator will automatically default to using the salary that you are currently being paid. The new cut salaries will appear on your record by default after the July 2013 payroll. The calculator does allow you to insert a salary. This means you can manually insert your pre-cut salary if you are choosing a retirement date prior to 01/04/2019. The pre-cut salary can be found by looking at your payslip for June 2013 and clicking on “rate current” link on the top right hand side.

  • What is the Public Sector Pension Reduction (PSPR)?

If you retire on or before 1 April 2019 and are in receipt of an annual pension of €32,500 or more, then your annual pension will be subject to the PSPR. This deduction was introduced under the Financial Emergency Measures in the Public Interest Act 2013. The rate and bands will vary depeding on your date of retirement. Your annual pension will not be subject to the PSPR if you retire after 01/04/2019.

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