Pensions

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 now have immediate access to their Pension Fund by accessing their own ‘Member Portal’, which is an online account for their pension.

The Member Portal allows you to:

  • Review your personal contact information, including adding your mobile number and updating your personal email address onto your record.
  • Check your current pension fund value which includes the transfer amount from New Ireland, if you previously contributed to the Scheme.
  • Review your investment choice.
  • Check out the projections tool which is a great help for targeting the income level you want to have at retirement.
  • Carry out an investment fund switch.
  • Update your beneficiary details in the event of your death.
  • View your Document Library which will in time contain all letters and correspondence sent to you.

To access your pension information online and at any time that suits you, you need to register for the online Member Portal.  If you have already given Irish Life your email address or mobile phone number, you can register now and get access to your online pension account.

If you have not already provided your 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 and address; Employer Name; Date of Birth and your personal email address and ask Irish Life to provide you with a link to access your pension member portal.

Please also watch the Member Portal Video, which outlines how you register for the Member Portal and the steps involved.

Once you have registered for the Member Portal, as outlined above, you can then 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.

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; 6,709 members (4,943 Active members and 1,766 deferred members) and has a fund value under management of over €307m 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; 
  • 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. 

 

© 2023 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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