Enhancing Your Pension

Please select your Pension Scheme below:

 

Secondary, Community & Comprehensive Teachers Superannuation Scheme


Education & Training Board Teachers Superannuation Scheme


Single Public Service Pension Scheme



Secondary, Community & Comprehensive Teachers Superannuation Scheme

Enhancing Pension Benefits

Members of the Secondary, Community and Comprehensive Teachers Superannuation Scheme earn pensionable service by paying superannuation contributions every two weeks from their salaries. It is not possible to make independent contributions to the pension scheme if a teacher is on unpaid leave of absence. However, teachers can "buy back" teaching service, including part-time service, that they gave in the Republic of Ireland before they joined the pension scheme, for example, during their teacher training and probationary years or before securing a permanent position. This facility also includes service where a teacher was paid by a VEC or privately by a school. If you have any such service it is important that you contact the ASTI before you retire in order to ensure that you apply in sufficient time to buy back this service. In addition, teachers may top up their pensionable service by purchasing Notional Service, a kind of pension savings contract that matures at either 60 or 65 years of age. This is a very effective way of building top-up service especially if you have at least 10 years to retirement. Teachers can also take out private pension arrangements called Additional Voluntary Contributions (AVCs), such as the ATSI-endorsed scheme offered by Cornmarket. These are private arrangements, however, outside of the teachers' pension scheme, and as such depend on the performance of pension fund managers to secure an additional gratuity and/or pension in retirement.



Education & Training Board Teachers Superannuation Scheme

Enhancing Pension Benefits 


Members of the ETB Teachers Superannuation Scheme earn pensionable service by paying superannuation contributions every month from their salaries. It is not possible to make independent contributions to the pension scheme if a teacher is on unpaid leave of absence. However, teachers can "buy back" teaching service, including part-time service, that they gave in the Republic of Ireland before they joined the pension scheme, for example, during their teacher training and probationary years or before securing a permanent position. This facility also includes service where a teacher was paid by the DES or privately by a school. If you have any such service it is important that you contact the ASTI before you retire in order to ensure that you apply in sufficient time to buy back this service. In addition, teachers may top up their pensionable service by purchasing Notional Service, a kind of pension savings contract that matures at either 60 or 65 years of age. This is a very effective way of building top-up service especially if you have at least 10 years to retirement. Teachers can also take out private pension arrangements called Additional Voluntary Contributions (AVCs), such as the ATSI-endorsed scheme offered by Cornmarket. These are private arrangements, however, outside of the teachers' pension scheme, and as such depend on the performance of pension fund managers to secure an additional gratuity and/or pension in retirement.

 

 

Single Public Service Pension Scheme

Enhancing Pension Benefits


Members of the Single Public Service Pension Scheme, who have been contributing to the Scheme for at least two years and have at least nine years left to retirement, can also purchase additional referable amounts on an annual cycle to enhance the value of their retirement benefits. A teacher applies to the Scheme administrators (DES or ETB) for a quote and, if accepted, the payments commence and continue for one full year. At the end of that year the additional referable amounts are banked in the Scheme. A teacher can repeat this cycle for up to 20 separate years in total. The value of these additional referable amounts rank on a par with standard referable amounts when it comes to calculating retirement benefits, including the Spouses and Children’s Scheme, and their value is updated by the rate of inflation each year.