Retirement / Early Retirement Information
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.
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 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.
Indicative Early Retirement Options can be prepared using the online Modelling Tool. These options will provide you with your provisional entitlements at the specified early retirement date. Thereafter you may opt to progress your request for Early Retirement and formal options can be prepared 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. If you are availing of early retirement, in order to ensure sufficient time to finalise your retirement benefits and the timely payment of your retirement benefits, we encourage you to plan at least 4 to 6 months in advance.
Once the Pensions Office receive 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.
- 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.