Transferring Service under the Master Scheme
Prior Pensionable Service from the Irish Public Service
If you have previously worked in a pensionable capacity in an Approved Organisation elsewhere within the Irish Public Service, it may be possible, under specified Public Sector pension transfer arrangements, for this prior service to be transferred to the Trinity College Master Pension Scheme.
What do I need to do to investigate such a transfer?
To make an initial enquiry, you should contact your former Public Service employer, in writing, and advise that you wish to investigate a possible transfer to the Trinity College Master Pension Scheme. You should request a detailed written statement of your prior pensionable service that may transfer. To assist with locating your information in archived records, it is useful if you can provide your former employer with as much information as possible. For example, the dates of your employment, your former grade, your date of birth, your maiden name (if applicable) at the time of service, etc.
You should stress to your former employer that this is an initial enquiry and request that they provide this information directly to you. Depending on the organisation, it may take several weeks for this information to be forwarded to you.
Please note that the onus is on each member to have their prior pensionable service satisfactorily verified by any former Public Service employer in the first instance.
- Upon receipt of this up-to-date information from your previous Public Service employer, you should then forward this information with a cover letter to the Human Resources Pensions Section to ask for the transfer to be investigated.
- In due course, if it is in order for a transfer to proceed, additional paperwork may need to be completed by both you and your former employer to finalise a transfer. A transfer is only deemed to be completed when you have been issued with written confirmation to this effect from the Trinity College Pensions Office.
- As transfers are irrevocable once completed, prior to finalising any transfer, it is imperative that you take independent professional financial advice on a personal basis if you are in any doubt as to whether or not to proceed with a transfer from a prior Public Sector employer.
Transferring of Prior Pensionable Service from the Irish Private Sector
Please note that under Revenue regulations transfers are not permitted from personal pensions. If you hold prior benefits under a Revenue exempt-approved Irish Private Sector Occupational Pension Scheme, it is possible that the University may accept, subject to certain conditions, a Transfer Value into the Scheme on your behalf. Each case is reviewed on its merits. Transfers from other jurisdictions, for example the United Kingdom, may be accepted in certain circumstances.
A Transfer Value allows the Scheme Actuary to calculate and provide you with an additional actuarial service credit under the Scheme, which in turn is based on a number of variables. Each case is reviewed on its merits.
You should note that transferred in service does not accrue any entitlement to ex-gratia post-retirement pension increases under the Scheme.
As the ultimate benefits provided by the acceptance of a Transfer Value into the Scheme may be less than those provided under the existing Scheme, we strongly encourage you to consider taking independent professional financial advice on a personal basis before finalising any transfer.
What do I need to do to investigate such a transfer?
To make an initial enquiry, you should contact the Administrator of your former Employer's Pension Scheme in writing. This may be the HR Department of your former employer or a third party provider. You should request that they issue you with:
- An updated Statement of Leaving Service Options and
- Confirmation as to whether or not they would be prepared to release a Transfer Value to the Trinity College Master Pension Scheme and, if so, the amount of such a Transfer Value and any conditions attaching.
You should stress that this is an initial enquiry and request that your prior employer provides this information directly to you.
Please note that the onus is on each member to obtain information in respect of their pension benefits with former employers in the first instance.
Upon receipt of this information, you should then forward this information with a cover note to the Human Resources Pensions Section to further progress your query. You will also need to specify:
- Confirmation of your Civil Status and, if Married/in a Civil Partnership and
- Confirm that you hold no other Retained Benefits under any other pension arrangement. If you do hold other Retained Benefits, then additional up-to-date information will be required on these benefits to ensure Revenue limits are not breached.
The Scheme Actuary will make a determination as to whether or not the transfer may be accepted and, if so, will issue you with an actuarial service credit quotation as to the number of years that such a Transfer Value would secure under the Trinity College Pension Scheme. It is at this point that we recommend that you consider taking independent financial advice on a personal basis if you are in any doubt as to whether or not the transfer should proceed.
In due course, if it is in order for a transfer to proceed, additional paperwork may need to be completed by both you and your former employer to finalise a transfer. A transfer is only deemed to be completed when you have been issued with written confirmation to this effect from the Human Resources Pensions Section.