Information Circular No 19/2020: Single Pension Scheme (2013) Purchase and Transfer of Retirement Benefits

By Industrial Relations Officer

The Minister for Public Expenditure and Reform has made Regulations under Section 8(2)(f) of the Public Service Pensions (Single Scheme and Other Provisions) Act 2012, entitled Single Public Service Pension Scheme (Purchase and Transfer of Retirement Benefits – Permanent Defence Force) Regulations 2020 (S.I. No 73/2020).  These Regulations came into operation with effect from 1 April 2020.

These Regulations enable eligible PDF members of the “Single Scheme” to:

  1. purchase additional retirement benefits (i.e. “referable amounts”) to augment their retirement pensions and/or lump sums payable under the Single Scheme, and
     
  2. make inward transfer to the Single Scheme of retirement benefits accrued in certain other Revenue-approved retirement schemes and PRSAs, by way of the purchase of referable amounts.

These Regulations essentially give PDF members the same facility to purchase and transfer retirement benefits as already apply to their Single Scheme counterparts elsewhere in the public service, who are covered by separate Regulations.
 
Department of Public Expenditure and Reform Circular 6/2020 sets out details of the new facility.  Please note that the effective date of this DPER Circular and of the purchase facility is also 1 April 2020.  This Circular and various supporting documentation will shortly be available on the DPER Single Scheme website at https://singlepensionscheme.gov.ie/.

The Department of Defence will be notifying all PDF members of the Single Scheme of the new purchase facility when processing their 2019 Annual Benefit Statements, which are scheduled to issue by mid-June 2020 (subject to the ongoing Covid19 situation).

PDFORRA will place the legislation and DPER Circular on the PDFORRA App for members to view. However, for detailed pension’s advice, please contact Pensions Section pensions.admin@defence.ie with “Circular 6/2020 Single Scheme – Purchase and Transfer” in the subject line.

Please Display on Notice Boards                                       Issued on: 6/5/2020

Comments are closed.