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Members of the University of Limerick's Superannuation Scheme may maximise their pension benefits in two ways:
- Additional Voluntary Contributions (AVCs), or
- Notional Service
Additional Voluntary Contributions (AVCs) AVCs are extra pension contributions which an employee may make on a voluntary basis, either by periodic deductions or by lump sum, to increase his / her pension benefits. These contributions are held in trust by the Trustees and can only be used by them for the benefit of the member. The Trustees of the UL AVC Scheme are IPT and the Administrators of the Scheme are Cornmarket (Ireland).A link to a nice guide for more information on the AVC plan can be found here Your AVC Scheme | Cornmarket OR Additional Voluntary Contributions | What is an AVC | Cornmarket
Members of the UL AVCs Scheme have a choice of investment funds in which his / her AVC contributions may be invested. These funds are:
- EMPOWER Cash Fund (cash)
- EMPOWER Stability Fund (mixed assets)
- EMPOWER Cautious Growth Fund (mixed assets)
- EMPOWER Pension for Life Fund (bonds)
- EMPOWER Growth Fund (mixed assets)
- Indexed World Equity Partially Hedged Fund (equities)
- EMPOWER High Growth Fund (mixed assets)
Further information on the UL AVC Scheme can be found in the UL AVCs Members Guide. To make Additional Voluntary Contributions simply contact Cornmarket directly at their contact point:lifecustomerservice@cornmarket.ie Please click here if you would like to view your AVC fund information. Log on and enter the University of Limerick Scheme number 608816. You will also need your own individual membership number which is listed on your AVC benefit statement. You can then register by answering two security questions and you will be sent your personal access code (PAC) via e-mail. This allows you to view your individual fund information.
If you have any queries concerning your AVC fund, you may contact lifecustomerservice@cornmarket.ie
Notional Service
Notional service allows members of the University of Limerick's Superannuation Scheme to purchase additional years of reckonable service, either by periodic deductions or by lump sum, thereby increasing their superannuation entitlement.
Further information on Notional Service can be found in the Notional Service Purchase Scheme Explanatory Booklet.
There is no reciprocal arrangement in place which allows the UL Pension Scheme to recognise pensionable service completed under a private sector pension scheme. The Purchase of Notional Service Scheme (PNS Scheme) does however provide a facility whereby eligible employees may use transfer values released from Occupational Pension Schemes to purchase notional service under the UL Pension Scheme by way of lump sum payment at full actuarial cost. Service purchased under the PNS Scheme is treated as if it is actual service completed under the UL Pension Scheme.
Please note, the option to purchase notional service is not available to members of the Single Public Service Pension Scheme.
Should you believe you have previous pensionable service within the private sector and wish to find out more about the Purchase of Notional Service Scheme, please generate an estimate Notional Service costing on the Notional Service Calculator on the Employee Self Service on Core Portal.
Further details on the Purchase Notional Service Scheme can be found /hr/sites/hr/files/user_media/Conditions of the Purchase of Notional Service Information Note.pdf
If you would like an illustration of how much service you can purchase, please email pension@ul.ie with the current transfer value of your previous pension scheme and your UL personnel number. The current transfer value of your previous pension scheme can be obtained from your previous pension scheme administrators.
For further information, find relevant Notional Service circular at the following: CIRCULAR PURCHASE OF SERVICE.pdf
To purchase Notional Service, please email pensions@ul.ie to arrange a meeting with a member of the Pensions Team.
