Payments made on death in service
Cash lump sum
If you die in service before the Retiring Age and you are survived by a spouse, a cash lump sum of two times your Emoluments at the date of death is payable; otherwise one times your Emoluments is payable.
The Trustee has the discretion to decide to whom this death benefit should be paid. Your wishes as to whom you would like to receive this benefit will be taken into consideration by the Trustee but are not binding.
It is important to complete a new expression of wish form if there is a change in your personal circumstances.
Spouse’s pension
Your spouse will also be paid a pension for life equal to 50% of your expected Scheme pension at date of death, assuming you had remained in service until the Retiring Age with no change in Pensionable Emoluments.
The Trustee has, in certain circumstances, discretion in determining to whom, if anyone, the spouse’s pension is payable. If there are any special circumstances applying in your case, which you would wish the Trustee to take into account, please notify the Trustee in writing using an expression of wish form.
Children’s pension
If there are dependent children (i.e. unmarried children aged under 18 or under 22 if undergoing full-time education) an allowance will be paid equal to 20% of the spouse’s pension for the first eligible child and 10% in the case of each additional child, up to a maximum of four dependent children.
Example:
A member dies in service and is survived by a spouse and two dependent children. Had the member lived to the Retiring Age, Reckonable Service would have been 40 years.
Emoluments at date of death €45,000 pa
State Pension at single rate
at date of death €11,611.60 pa
Pensionable Emoluments €45,000 – (1½ x €11,611.60)
= €27,582.60 pa
Potential Scheme pension
at the Retiring Age 40/60ths x €27,582.60
= €18,388.40 pa
Spouse’s pension from Scheme 50% of €18,388.40pa
= €9,194.20 pa
Children’s pension from Scheme 20% + 10% of €9,194.20
= €2,758.26 pa
Cash lump sum benefit from Scheme €90,000 (2 years’ Emoluments)
In addition to the benefits payable from the Scheme, a State Pension and Child Allowances may be payable.
Payments made on death after retirement
Your spouse will receive a pension equal to 50% of the Scheme pension being paid to you at the date of death, ignoring any reduction if you had exchanged part of your pension for a cash lump sum when you retired.
If you die within five years of starting to receive your pension, a cash lump sum will be payable. This is calculated as the difference of the balance of the five-year period between the pension payable at the date of death and the spouse’s pension (if any) payable on your death.
If you are survived by your spouse and you were in active service pre 31 December 1972, he/she will be entitled to a spouse's gratuity. This is a once off lump sum payment equivalent to three months installments of the Scheme pension being paid to you at the date of death, ignoring any reduction if you had exchanged part of your pension for a cash lump sum when you retired.
A children’s pension, if applicable, is payable on the same basis as for death in service. As in the case of death in service, the Trustee has the discretion to decide to whom any cash lump sum is payable and has, in certain circumstances, discretion in determining to whom, if anyone, the spouse’s pension is payable. You should notify the Trustee in writing of any special circumstances applying in your case using an expression of wish form.
Example:
Scheme pension at date of death €19,000 pa
Member exchanged part of Scheme pension
for a cash lump sum at time of retirement
and, ignoring this, pension would have been €22,000 pa
Spouse’s pension from Scheme 50% of €22,000 pa
= €11,000 pa
In addition to the benefits payable from the Scheme, a State Widow’s/Widower’s Pension may also be payable.
If the member died after two years of retirement and was survived by his/her spouse, a cash lump sum of €24,000 (calculated as (€19,000 x 3 years) – (€11,000 x 3 years)) would be payable in addition to the spouse’s pension.
If no spouse’s pension was payable, the cash lump sum would be €57,000 (calculated as €19,000 x 3 years).
If the member was in active service pre 31 December 1972 and was survived by a spouse, a spouse's gratuity of €5,500 would also be payable (calculated as €22,000 / 12 x 3 months).
Payments made on death after leaving service but before reaching the Retiring Age
If you are survived by your spouse, they would be entitled to a pension of 50% of your deferred pension at date of death. A children’s pension, if applicable, will be payable on the same basis as for death in service in respect of children born before you left the Company’s service.
If you are survived by a spouse and you were in active service pre 31 December 1972, they will also be entitled to a spouse's gratuity. This is a once off lump sum payment equivalent to three months instalments of your deferred pension at date of death.
The Trustee has discretion in determining to whom, if anyone, a spouse’s pension is payable. You should notify the Trustee in writing of any special circumstances applying in your case using an expression of wish form.
Note:
If not survived by a spouse (and the Trustee does not exercise the discretion referred to in the previous paragraph) the value of your deferred pension rights would be calculated as at the date of death and then paid as a cash lump sum to your estate.
