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Purchase of notional Service

  Purchase of Notional Service Information

FREQUENTLY ASKED QUESTIONS

1.  Am I eligible to buy notional years?
Pension scheme members are eligible to buy notional years - subject to certain conditions.

2. How do i purchase notional years of service?

·        Contact the Pensions & Investments Office to find out:

o       How many years service you will have at 60/65
o       How many notional years you will be permitted to buy
o       The cost of the notional years

·        Pensions & Investments office will prepare a costing of the purchase of notional years and send it to you.

·        You must notify the pensions office in writing ( pensionsnuigalway.ie)

o       Your intention to buy notional years
o       The amount of notional years you would like to buy within the permitted limit.

3. Is there a good time to purchase notional years? 
·        Contribution rates for monthly deduction contributions begin on your next birthday and end on your 60^th or 65^th birthday.

·        Contribution rates for lump sum payments – such payments may be made at any time, subject to one such purchase per annum.

·        Unpaid contributions for a period during a purchase agreement can be made good by way of lump sum or by doubling-up 
         on periodic contributions for an equivalent period.

4. Is there a maximum amount of years I can buy?  

Max service that can be purchased is the lesser of (a) the amount specified in the table below or (b) the result of the formula 40-A-B, where A = Potential service and B = the service value of any retained benefits.

Actual Reckonable Service (including transferred service but excluding purchased service and notional added service) which the officer would have if s/he remains in service until age 65		Maximum Service which can be purchased
20 Years or more		Difference between 40 years and reckonable service by age 65
19 years		17 years
18 years		15 years
17 years		13 years
16 years		11 years
15 years		9 years
14 years		7 years
13 years		5 years
12 years		4 years
11 years		3 years
10 years		2 years
9 years		1 year

·        Purchase of notional service may be made to give 40 years maximum service at age 60 or 65 for members who have a
         minimum retirement age of 60 or at age 65 for “New Entrants” (who joined the public service after 1 April 
         2004) who have a minimum retirement age of 65.

5. What happens if I am a job sharer/part time worker?
Job sharers/part-time workers may buy service to give 40 full-time equivalent years at either 60 or 65 (subject to the limit set out above).  

    

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