Purchases under the Single Scheme
The pensions office will be accepting expressions of interest for purchases under the Single Scheme in July and August 2020. At that stage we can provide you with quotations and advise in relation to limits. If you are eligible to purchase and wish to proceed, there will be a 12 month contract period in which you can pay a lump sum contribution. Only one lump sum can be paid in any 12 month contract period. This period will run from September 2020 to August 2021.
To be eligible to purchase, members must have met eligibility criteria including:
- Scheme members must have completed the vesting period (i.e completed over 2 years’ service as a member of the Single Scheme).
- Scheme member must have the potential to complete a period of 9 full time equivalent years as a member of the Single Scheme at retirement age.
- If a member is on a contract, the term of the contract must allow the member to have a potential of 9 full time equivalent years at retirement age.
We recommend that you seek independent financial advice before you proceed with purchasing additional benefits in the Single Scheme. Please contact the pensions office at email@example.com in July/August if you would like to enquire about purchasing. The Department of Public Expenditure and Reform has provided further information on their website.