104 HealtH Matters
Pensions sPecial
Your Pension
– what you
need to know
M
embership of an occupational new employees who work on a contract infirmity) receive immediate benefits based
pension scheme is a valuable feature of service, irrespective of working hour on actual service enhanced by added
of employment in the Health service commitment. Minimum retirement age is 60 years, subject to having a minimum of five
executive. the pension schemes within the years for employees appointed pre 1st april years service.
Hse, similar to the Public service generally, 2004; provided that they did not have a the holders of certain professional and
are Defined Benefit schemes i.e. the break in service of 26 weeks or more since technical posts may have their service
pension benefits payable are defined in the april 2004, and compulsory retirement age at retirement enhanced by virtue of the
rules of the scheme and are not dependant is 65 years. New entrant public servants essential qualifications attaching to their
on the performance of stock markets or appointments.
investment returns. early leavers with a minimum of two
the main provisions of Hse pension years service who are not transferring to
schemes are:
“Pensionable
another employer within the Public service
• Retirement Lump Sum and Pension transfer Network will have their benefits
(minimum service requirement of two
remuneration is
preserved until minimum retirement age
years at age 60/65) (60 or 65).
• Death Gratuity (in the event of death in
comprised of the whole
early leavers aged 50 or 55 (New
service – minimum of one years’ salary)
time salary of the
entrants) who resign with entitlement
• Spouse’s and Childrens’ Pensions (death to Preserved Benefits at age 60 or 65
in service or post retirement)
appropriate grade, plus
(New Entrants) may apply for the Cost
• Preserved Benefits (early leavers with a Neutral early retirement scheme in lieu of
minimum of two years service)
averaged pensionable
Preserved Benefits.this scheme involves
• Transfer of Service (between Public
allowances earned in the
payment of actuarially reduced pension and
sector Organisations/agencies) lump sum benefits at date of resignation.
best three consecutive
In this regard, the level of benefits payable OptiOns fOr EnhancEmEnt Of
at retirement are determined by the number
years in the ten years
sErvicE and pEnsiOn BEnEfits
of years service (expressed in whole years)
preceding retirement.”
While minimum service requirement for the
which an employee has accrued, and their payment of retirement benefits is two years,
pensionable remuneration at retirement date. 40 years whole time service is required, in
Pensionable remuneration is comprised of order to derive maximum benefits from the
the whole time salary of the appropriate appointed on/after 1st april 2004 have a pension scheme, i.e. lump sum of one-and-
grade, plus averaged pensionable allowances minimum retirement age of 65 years and a-half times the salary and pension of half
earned in the best three consecutive years no compulsory retirement age, subject to the salary. Many employees will not attain
in the 10 years preceding retirement. satisfactory performance and health. this level of service by retirement date for
arising from changes to the pension While minimum retirement age is 60 or 65 a variety of reasons e.g. late entry to the
scheme rules in recent years, access years, staff members who retire from their Hse, working reduced hours (job sharing/
to the scheme is now automatic for all posts by reason of ill health (permanent flexible working), availed of career breaks.
HM Iss6.1 p71-128.indd 104 12/03/2010 16:16:01
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