Retirement/Early Retirement Information
What is Normal Retirement Age
The compulsory Normal Retirement Age for most University staff is the 30th September coincident with or following their 65th birthday.
In accordance with the provisions of the Public Service Superannuation (Miscellaneous Provisions) Act 2004, for New Entrants joining the Public Sector after 1 April 2004 the minimum retirement age is 30 September after 65th birthday and the compulsory upper retirement age is removed.
Certain members of academic staff may hold a written contractual entitlement to remain in pensionable service to a later retirement date of 30 September after either their 67th or 70th birthday (depending on the original date of employment and assuming uninterrupted service).
The Trinity College Pension payable on retirement is in addition to any entitlement to the State Contributory Pension that may be payable separately by the Department of Social Protection.
Voluntary Early Retirement prior to Normal Retirement Age
As an alternative to Deferred Benefits payable at Normal Retirement Age, an employee who is within 10 years of Normal Retirement Age may instead opt for immediate payment of pension and lump sum under a facility known as Cost Neutral Early Retirement. In such circumstances, the pension (and any lump sum) are actuarially reduced on a permanent basis by reference to the person's age at retirement.
All applications for early retirement prior to Normal Retirement Age (normally 30 September after 65th birthday) require the prior consent of the Board of the University.
Provisional Early Retirement Options (subject to verification) may be prepared initially by using the Mercer OneView Modelling Tool. These options will give you a general overview of your potential entitlements at a specified early retirement date. Thereafter, if you opt to progress your request for Early Retirement, formal Early Retirement Options will be requested on your behalf from the Scheme Administrator by the Pensions Office.
If you subsequently decide that you wish to formally proceed with Early Retirement, you should confidentially approach your Head of School/Departmental Head to further discuss the matter as he/she will need to endorse your application to Board and ensure that your request for Early Retirement would not unduly affect the operational needs of the University if accommodated.
How do I make a formal application for Early Retirement?
Assuming that your Head of School/Departmental Head is supportive of your application for Early Retirement, you should send a signed letter specifying your planned Early Retirement date to both the Pensions Office AND your Head of School / Departmental Head.
Your notice period for your planned retirement date should be equivalent to that required on resignation as provided for under your Contract of Employment or University regulations. To ensure sufficient time to finalise your retirement benefits and the timely payment of your retirement benefits, if you are availing of early retirement we encourage you to plan at least 4 to 6 months in advance.
Once the Pensions Office receives a formal application from you for Early Retirement, we will verify with your Head of School/Departmental Head that they are supportive of your application. Thereafter, the Pensions Office will request the College Secretary to seek approval for your Early Retirement from the Board of the University at the next scheduled Board Meeting.
Please note the following important information in relation to Early Retirement:
- Formal applications for early retirement are made on an irrevocable basis and may not be amended or rescinded once forwarded to Board for consideration.
- If the Board of the University consents to your early retirement, the retirement pension payable is calculated with reference to your pensionable salary and your actual completed pensionable service to the point of early retirement. No Discretionary Added Years are awarded.
- Your pension will then be actuarially reduced on a permanent basis. The actuarial reduction that will apply is primarily determined with reference to the remaining term to Normal Retirement Age from the date of Early Retirement.