The Professional Added Years (PAY) Award Scheme may be availed of by staff who, because of the minimum qualifications and experience requirements pertaining to the post to which they were recruited, are not in a position to attain 40 years' service by age 65.
To apply for a PAY Award, please completed the PAY Award Application Form and return to the Pensions Section, Human Resources Division, University of Limerick.
Due to the nature of the Professional Added Years Scheme, an award of added years can only be formally made at the time of retirement. While the estimated figure is expected to give an indication of the award, it should be noted that this figure can only be confirmed within three months of retirement once appropriate declarations have been completed. The award is subject to a number of criteria including (but not limited to):
1. The transfer of all available pensionable public sector service to the Pension Scheme
2. 1% for each added year will be deducted from your retirement gratuity for potential benefit under the Spouses and Children’s Pension Scheme
3. Abatement as determined by the Department of Public Expenditure & Reform, in accordance with section 11 (ii) of the scheme, “where the employee has a retained superannuation benefit (e.g. a pension and/or lump sum entitlement, or a refund of pension contributions) from any previous employment, the gross added years award will be abated by the value of the retained benefit”.
1. Public Sector Pensionable Member employed prior to 1st April 2005 - Professional Added Years Scheme Rules.
2. Public Sector Pensionable Member employed on or after 1st April 2005 - Professional Added Years Scheme Rules for New Entrants.
For further information regarding PAY Awards, please email email@example.com.
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