University College Cork Defined Contribution Pension Plan

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University College CorkDefined Contribution
Pension Plan

• Member Presentation March 2008

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Presentation to Members- Plan
Benefits- Renewal Documentation- Investment
Options
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Plan Benefits

• Retirement Benefits
• Transferability/Leaving Service Benefits
• Death in Service Benefits

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Retirement Benefits (Group Defined Contribution
Plan)

• Stage I Benefit Funding
• Individual Retirement Account
• Member Contributions / Additional Voluntary
  Contributions (Member Choice)
• Employer Contributions
• Investment Options (Member Choice)
• Benefits - Accumulated Fund (Contributions
  Investment Returns)
• Stage II Benefit Purchase _at_ Retirement (NPD
  65 from age 50)
• Member Choice (Pensions Legislation)
• Tax Free Cash
• Retirement Income (Taxable, Annuity, ARF Options
  for AVCs)

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Employer/Member Contributions

• Employer Contribution 13.5 of Plan Salary
• Employee Contributions 6.5 of Plan Salary
• Plan Salary Basic Pay
• Deduction for Death in Service Premiums
• Administration Consultancy Fees paid by UCC

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Relief on Member Contributions/AVCs

• Income Tax and PRSI Relief (Payroll)
• Age Attained Salary (max. 275,239 for 2008)
• - Under 30 15
• - 30 to 39 20
• - 40 to 49 25
• - 50 to 54 30
• - 55 to 59 35
• - 60 40

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Death in Service Benefits

• Lump Sum
• 1.5 x Plan Salary Retirement Account
• Expression of Wish Forms available from Pensions
  Office
• Spouses Pension
• 1/160 x Plan Salary by potential Pensionable
  Service at NPD (Maximum 40 Years)
• Pension Increases 3 p.a. compound.

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Transferability /Leaving Service Benefits

• 100 Member Contributions/AVCs Plus
• 100 Employer Contributions
• Benefit Payments
• Deferred Benefits Retirement Account retained
  in Plan
• Transfer Payments (i) New Company Plan, (ii)
  PRB, (iii) PRSA
• Refund of Member Contributions (Pensions Act
  1990)

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Renewal Documentation

• Personal Benefit Statement
• Retirement Benefit Projections
• Investment Options

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Member Investment Choice

• Personal Investment Philosophy
• Range of Pension Funds selected by Trustees
• Real Growth
• - Irish Life Secured Performance Fund Low
  Risk Lifetime Option
• - Irish Life Consensus Managed Fund Medium
  Risk Option
• - Oppenheim Managed Fund Upper Medium Risk
  Option
• - Irish Life Indexed All Equity Fund High
  Risk Option
• Protection
• - Irish Life Indexed Long Bond Fund Pension
  Protection Option
• - Irish Life Cash Fund Capital Protection
  Option
• Actively Select or Pass
• Pass Default Option (formulated by Trustees)

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Pension Funds Real Returns Objective
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Pension Funds Real Returns Objective
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Pension Funds Real Returns Objective
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Pension Funds Protection Objective
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Past Investment Returns ()
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Further Information

• Retirement Benefits
• - Pension Plan Website
• - UCC Intranet - HR Section / Pensions Office
  page
• Hewitt Associates 021 4357880

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information included in this material, it may not
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without the prior written consent of Hewitt
Associates Limited. Hewitt Associates Limited
does not accept or assume any responsibility for
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than the intended recipient, using or relying on
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