Pensions

Annual Benefit Statements for Year Ended 31st December, 2021

New Ireland were the Registered Administrators for the Scheme up until 31st December, 2021, hence they have responsibility to prepare your Annual Benefit Statement for this period.

New Ireland have advised they have issued all Statements to members (July 2022). 

However, you will be aware from correspondence sent to you that Irish Life have been appointed the Registered Administrator to the Pension Scheme with effect from 1st January, 2022.  Accordingly, Annual Benefit Statements in respect of periods after this date will be issued to you by Irish Life.

You are reminded that you can have immediate access to your pension fund, including transfer value from New Ireland to Irish Life and contributions received by Irish Life since the transfer, by logging on to the Irish Life Member Portal:

  • Click on www.pensionplanetinteractive.ie/empower/login or,
  • Download the 'Irish Life EMPOWER' app on your mobile phone.   iPhone users can go to the Apple Store to download the app.  Android users can download the app from the Google Play Store.

If you have not already provided personal details to Irish Life the above link will not work for you. To get access please email fedvol@irishlife.ie with the following details:

Your Name; Employer Name; Date of Birth and personal email address and ask Irish Life to provide you with a link to access your pension member portal.

Please do not use the reference numbers on your New Ireland Annual Benefit Statement, when you receive same, when corresponding with Irish Life as these numbers are no longer applicable.  You can access your new pension reference numbers when you log on to your Irish Life Member Portal.

For further information on your pension fund, please contact your Irish Life Advice Team point of contact

 

Scheme Transfer to Irish Life Is Now Complete   

The National Federation of Voluntary Services Providers’ Pension & Life Assurance Scheme has now fully moved to Irish Life.  Members can now make changes to their Pension Fund by accessing their own ‘Member Portal’, which is an online account for their pension.

The Member Portal is now live and you can view your own pension fund and use the many great online tools Irish Life have made available to you, to help you plan for your retirement. Please visit the Pension Scheme Move to Irish LIfe tab for more information on the Scheme Transition and for information on how to access your Member Portal and get information on your pension fund.

 
 

Introduction to Pension Scheme Benefits 

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 (also known as an Annuity / Income for Life) for you and possibly your dependant if you select this option at retirement;
  • An Approved Retirement Fund (ARF);
  • Taxable cash;
  • A lump sum on death in service.

 

A Brief Overview of the Scheme:

  • The Pension Scheme is a Defined Contribution Scheme.  Your pension fund will be made up of the contributions made by you and your employer, plus any investment growth (net of the Annual Management Charge and Total Expense Ratio).  Your benefits at retirement will be based on the final value of your pension fund.

  • 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.  Working beyond age 65 needs to be agreed with your employer, but no further pension contributions will be paid and your life cover will also cease at age 65.

  • When you first join the Pension Scheme, your pension contributions will be invested in the Scheme's default investment fund i.e., EMPOWER Personal Lifestyle Strategy (PLS).  Once your personal member record is set up in the Scheme, you will receive a ‘Welcome Pack’ from Irish Life.  You can then switch to any of the other investment funds available to Scheme Members using the Irish Life Member Portal, or by downloading an investment fund 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.  Your Life Cover benefit is a separate policy to your pension fund.

 

The National Federation of Voluntary Service Providers’ Pension & Life Assurance Scheme comprises of 24 participating employers; 6,693 members (4,844 Active members and 1,849 deferred members) and has a fund value under management of over €300m as at 31st December, 2021.   

 

Trustees

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;
  • Paul Switzer;   
  • James Skehan (Professional Trustee).                                                     

For further information on the Trustees and their qualificiations please click here

 

Further Information

If you would like further information on our Pension Scheme, choice of investment funds, retirement options etc., please click Pension Booklets & Forms tab for our full range of Schmeme 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 fund by contacting Irish Life’s Advice Team Point of Contact for your organisation. 

 

© 2022 National Federation of Voluntary Service Providers
  • Oranmore Business Park Oranmore Galway Ireland.
  • Phone: +353 91 792316
  • Fax:
  • Email: info@fedvol.ie
Website Last Updated: 20/09/2022 Web Design by Webtrade

Search

Search - Use spaces to separate your keywords
Welcome to the National Federation of Voluntary Bodies