Transferring In Pension Benefits

UCD participates in the Irish Public Sector Transfer Network. This allows employees who transfer from one area of the Public Sector to another, to transfer their pensionable service and receive full credit for pension purposes with the new public sector employer. UCD operates a knock for knock transfer basis which means the pensionable service accumulated with the previous employer is simply added to the UCD pension record.

Note: Not all previous public sector service is pensionable and may not be transferable. However it may be possible to buy back this type of service now at a cost.

An employee may also transfer out service (no minimum service requirement) to another public sector organisation  within the Irish Public Sector Transfer Network when they leave UCD.  If this option is taken, the other public sector organisation assumes responsibility for the service with the University and no benefits are payable by the University.  More details can be found in the Leaver Benefits section.

1. If you think you have previous pensionable service in the public sector or civil service and wish to transfer into the UCD Pension Scheme please email the details to pensions@ucd.ie, including the following information: 

• Name and contact details of your previous employer
• Personnel number under your previous employment
• Exact dates of service with your previous employer
• Position title(s) under your previous employment
• Contract type(s) under your previous employment (for instance permanent, temporary etc.)
• Any other details of relevance regarding your previous employment

2. The UCD Pensions Office will investigate the service with the previous public sector organisation(s) on your behalf. This can take a long time to complete, especially if the service was a long time ago and records were not electronic or since archived. It is recommended you investigate transfers of service when you start your employment with UCD to allow for any delays that may be experienced with the investigation.

3. Once your previous employer has verified the details of your previous employment and has confirmed that your previous service can be transferred into the UCD Pension Scheme, this information will be displayed on your online pensions record.

There is no reciprocal arrangement in place which allows the UCD Pension Scheme to recognise pensionable service completed under a private sector pension scheme. 

The Notional Service Purchase Scheme (NSPS) does, however, provide a facility whereby eligible employees may use transfer values released from Occupational Pension Schemes to purchase notional service under the UCD Pension Scheme by way of lump sum payment at full actuarial cost. Service purchased under the NSPS is treated as if it is actual service completed under the UCD Pension Scheme.

Please note that the option to purchase notional service is not available to members of the Single Public Service Pension Scheme.

1. If you think you have previous pensionable service in the private sector and wish to find out more about the Notional Service Purchase Scheme, please read our section for further details.
2. If you would like an illustration of how much service you can purchase, please email (opens in a new window)pensions@ucd.ie with the current transfer value of your previous pension scheme and your UCD personnel number. The current transfer value of your previous pension scheme can be obtained from your previous pension scheme administrators.

Transfers in from eligible overseas pension arrangements may also be facilitated under the Notional Service Purchase Scheme in specific circumstances. This facility will be assessed on an individual basis and is subject to Revenue guidelines. Please contact the Pensions Office directly for further information at (opens in a new window)pensions@ucd.ie.

As provided in Circular 15/2019, members of the Single Public Service Pension Scheme may transfer benefits arising from pension entitlements in certain other Revenue approved retirement schemes and PRSAs to the Single Scheme.

The Transfer Facility will operate on the basis of the purchase of additional referable amounts for pension and/or lump-sum. It will operate on a cost-neutral basis, with the pricing of purchased benefits being based on the actuarially calculated cost of paying out those benefits at retirement. Purchased benefits will rank on a par with benefits ordinarily earned, and are inclusive of dependants’ benefits in line with existing benefit provisions under the Single Scheme. 

Next Steps: 

1. If you are interested in augmenting your benefits under the Single Scheme, you can obtain a costing by using the (opens in a new window)calculator tool as provided by the Department of Public Expenditure and Reform (DPER).

2. Should you wish to proceed with a purchase, please email (opens in a new window)pensions@ucd.ie quoting “SPSP Transfer request” with the following details: 

• Name
• Personnel number
• Date of birth
• Attach a copy of the costing obtained from the DPER website

3. The Pensions Team will verify your eligibility to participate under the scheme and verify the cost required to purchase pension and/or lump sum referable amounts. Please note you must have the capacity to complete the vesting period of 24 months prior to reaching retirement for a transfer to occur.

4. If eligible, a quote letter will be issued to you along with a request form.

5. Should you wish to proceed at this point, please complete and return the request form with your instruction and letter of authorisation to allow us to deal with your previous pension scheme administrators.

6. Following an exchange of information with the previous administrators and receipt of the transfer value, the Pensions Team will issue an acknowledgement of receipt and update your pensions record. The additional referable amounts purchased will be included on your next annual benefit statement.

Points to Note:

• Please note that more than one purchase through the transfer facility can occur within a 12-month period.
• Members are advised to seek independent financial advice before entering a contract for the transfer of benefits. Ultimately any decision to enter a contract for the transfer of additional benefits is a decision for the member.
• Transfers of benefit under pre-2013 public service pension schemes cannot be accepted under the Single Scheme
• Please be aware that if you entered the public sector since 1 January 2013 you do not need to arrange for a ‘transfer’ of these benefits as it is the same Single Public Service Pension Scheme in place across the public service. Your Single Scheme benefits will be consolidated with your latest Single Scheme employer on your retirement.
• The Single Public Service Pension Scheme is not a QROPS-approved pension scheme for the purposes of transferring in UK pension entitlements. Please consult your UK pension administrators for further information.