Pensions

National Federation of Voluntary Service Providers' Pension & Life Assurance Scheme

The National Federation of Voluntary Service Providers' Pension & Life Assurance Scheme is designed to provide benefits for you and your family, which are in addition to those provided by the State. As a member of the Scheme you and / or your family will be entitled to some or all of the following benefits:

  • A tax free lump sum;
  • A pension for you and your dependants;
  • An Approved Retirement Fund (ARF) / Approved Minimum Retirement Fund (AMRF);
  • Taxable cash;
  • A lump sum on death in service.

 

A Brief Overview of the Scheme:

  • The Pension Scheme is a Defined Contribution Scheme.  Your future pension benefits are based on pension contributions paid by you and your Employer and the market investment that is earned (if any) during your membership of the scheme.

  • Your Employer currently pays 7% of your Salary to the Scheme.  0.65% of this currently goes to cover the cost of the life cover and the running costs of the Scheme.  The balance of 6.35% is invested in your pension fund for your retirement.

  • You pay 5% of Salary, all of which is invested in your pension fund for your retirement.

  • The Normal Retirement Date under the Scheme is your 65th birthday although early retirement is possible from age 50 onwards.

  • When you first join the Pension Scheme, your pension contributions will be invested in the Passive IRIS fund which is the default investment fund for the Scheme.

  • Once your records and pension fund have been set up by New Ireland you will receive a ‘Welcome Pack’ which will include a booklet outlining a range of funds into which contributions can be invested. You may then select a different fund(s) to invest your pension contributions by completing a switch form

  • In the unfortunate event of your death before retirement there is a death benefit available to provide benefits, which comprises of a lump sum of three times your salary at date of death, plus the value of your pension fund, will become payable.

The National Federation of Voluntary Service Providers’ Pension & Life Assurance Scheme comprises of 25 participating employers; 4880 members (3,693 Active members and 1,187 deferred members) and has a fund value under management of over €194m as at 31st December, 2018.   

The Trustees of the National Federation's Pension & Life Assurance Scheme, whose role it is to protect your interests as a member of the Pension Scheme, are:

John McHugo (Chairman)
Pauline Brennan; 
Francis Coughlan;
Deirdre Herlihy; 
John O'Dea; 
James Skehan. 

If you would like further information on our Pension Scheme, choice of investment funds, retirement options etc., please click here to access all our different Pension Booklets.

If you have any further queries on any aspect of our Pension & Life Assurance Scheme, please contact Maria McMahon, Pension Scheme Manager, National Federation of Voluntary Service Providers’ Pension & Life Assurance Scheme, Oranmore Business Park, Galway.  Tel: 091-792316 or email pensionadmin@fedvol.ie

You can also get further information on your personal pension plan by contacting the New Ireland Pension Consultant dedicated to your scheme. 

 

© 2020 National Federation of Voluntary Service Providers
  • Oranmore Business Park Oranmore Galway Ireland.
  • Phone: +353 91 792316
  • Fax:
  • Email: info@fedvol.ie
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Welcome to the National Federation of Voluntary Bodies