Pensions

National Federation Pension Scheme

The National Federation of Voluntary Service Providers' Pension & Life Assurance Scheme was established in 1996 following intensive lobbying of Government by the National Federation on behalf of staff employed by member organisations who are not covered by the Nominated Health Services Superannuation Scheme (NHSSS).

The 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 pension on retirement;
  • An Approved Retirement Fund (ARF) option on retirement;
  • An optional tax-free lump sum on retirement;
  • A lump sum on death in service.

A Brief Overview of the Scheme:

  • The pension scheme is a Defined Contribution Scheme and benefits are based on contributions paid by you and your Employer.
  • Your Employer currently pays 7% of your Pensionable Earnings 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 for your retirement.
  • You pay 5% of Pensionable Earnings, all of which is invested for your retirement.
  • The Normal Retirement Date under the Scheme is your 65th birthday although early retirement is possible from age 50 onwards with the employer’s consent.
  • When you first join the pension Scheme, your contributions will be invested in the Passive IRIS fund which is the default investment fund for the Scheme.
  • Once your records 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 contributions into.
  • In the unfortunate event of your death before retirement a lump sum of 3 times your salary, plus the value of your pension fund, is available to provide benefits. 

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 Pension Scheme are:

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

Please click here for link to Pension Booklets

 

© 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