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Leaver Benefits

Overview

When you finish working with UCD, you may be eligible to apply for a refund of your pension contributions or they may remain with the university in the form of preserved benefits depending on the amount of qualifying service you have. You cannot continue paying into the UCD Pension Scheme once you leave employment. This page contains information outlining what happens to your pension when you leave UCD and what choices are available to you. Information on who to contact in the event of a query is also provided below.

 

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Under 2 years service

If you are an employee with less than 2 years qualifying service then you can apply for a refund of your own contributions less 20% tax, unless you are a member of the Single Public Service Pension Scheme and are going to another public body. Qualifying service is a minimum period of two calendar years in which you are in service, whether full-time, worksharing or part-time. Transferred service also counts towards qualifying service.

Please follow the link to the Refund of Pensions Contributions form Application Form for Refund of Pension Contributions. Upon completion of the form please forward it to pensions@ucd.ie 

If you are entitled to a refund of pension contributions you may also be entitled to a refund of any pensions levy paid.  This is not a refund from the pension fund and must be refunded through UCD Payroll.  Please email payroll@ucd.ie with any queries on refunds of pensions levy.

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Over 2 years service

If you are an employee who has exactly 2 years of qualifying service or over then you are entitled to preserved benefits. You are not entitled to receive a refund of your pension contributions. Preserving your benefits essentially involves leaving them with UCD until you reach retirement age. You will receive a statement of preserved pension benefits within 6 weeks of your date of leaving.  Please ensure your current home address is correct on our records. If your address changes please forward your new address to pensions@ucd.ie . These benefits are payable (on application in writing) within 3 months of your minimum retirement age, depending on your pension scheme.

Preserved lump sum and preserved pension are calculated in the same way as normal lump sum and pension, i.e. they are based on reckonable service and pay at the date of resignation. However, the resulting amounts are uprated by the appropriate pay increases between that date and the date of retirement. A preserved death gratuity and spouses pension if applicable is payable if death occurs before retirement age.

More than  2 years service and less than 10 years to retirement age

As an alternative to preserved benefits, an employee who is aged 50/55 years or over (depending on pension scheme) may opt for immediate payment of pension and lump sum under a facility known as cost neutral early retirement. In such circumstances, the pension and lump sum are actuarially reduced by reference to the person’s age on retirement. A member who wishes to retire on a cost neutral basis must apply in writing prior to leaving employment.

 

 

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Transfering your pension

If you are leaving UCD to work in another public sector organisation, which participates in the Irish Public Sector Transfer Network, then you may be able to transfer your service. This transfer takes place under the Transfer of Service Scheme and no minimum service requirements apply. If this option is taken, the other public sector organisation assumes responsibility for the service with the University and no benefits are payable by UCD.

Please note that there is no formal transfer mechanism in place at present in respect of benefits accrued under the Single Public Service Pension Scheme in one Relevant Authority moving to another Relevant Authority. The Department of Public Expenditure will inform the University of their decision in relation to the administration of transfers under this scheme.

If you wish to transfer your UCD pensionable service to another public sector organisation, please provide your new Pensions Office with a copy of your preserved statement.  Your new Pensions Office may wish to contact the UCD Pensions Office for confirmation of service and details. 

  • Note: If you are not transferring to a Public Sector Body immediately after leaving UCD, but you may wish to transfer the service in the future, please contact the Pensions Office of your new employer to check if you are eligible to transfer the UCD service to your new public sector employer.

 

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Ask HR

If you cannot find the information you are looking for please 'Ask HR' by completing this form below.

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If you are unable to find the information you are looking for, please call 
HR on + 353 (01) 716  4909