Welcome to the Pensions Tab of the National Federation’s Website 

We’re delighted to welcome you to your dedicated Pensions Tab!. This page is your one-stop resource for everything you need to know about your Pension Scheme.  Whether you're starting out, or have been a member of the Scheme for some time, we've designed this page to help you:

• Understand how your Pension Scheme works;
• Access a suite of pension information in different formats such as booklets, videos, webinars etc; and
• Find out who to contact for expert advice and support about your Pension Fund.

We want this page to be as easy to navigate and as helpful as possible to all pension scheme members, so take a moment to explore the sections on the left, which include the following topics:

• Summary of what information / tools / advice is available to Scheme Members
• Frequently Asked Questions (FAQs)
• Booklets / Forms
• Videos
• Online Group Presentations
• Newsletters / Scheme Updates
• Approaching Retirement 
• Retirement Planning Seminars
• Retirement on Grounds of Ill Heatlh
• Pension Policies
• Trustees Annual Report (TAR) & Financial Statements
• Investment policies and updates
• Pension Adjustment Orders (PAOs)
• Scheme Contact Information

Below you find a quick overview of the Pension Scheme, but again we encourage you to dive deeper into the information that's most relevant to you on the left hand side.

A Brief Overview of the Scheme

There are two main benefits of the National Federation of Voluntary Service Providers Pension & Life Assurance Scheme as follows:

• Pension Benefits
• Death in Service Benefits

The Pension Scheme is a Defined Contribution (DC) Scheme.  A DC Pension Scheme means that the amount the member and employer contribute into a member's pension fund is defined i.e., a percentage of a member's salary goes into their pension fund. The value of a member's pension fund at retirement will therefore depend on:

• Your pension contributions and any Additional Voluntary Contributions (AVCs) you make.
• Your employer's pension contributions.
• Any investment growth obtained for the member's fund, less charges.

Your benefits at retirement will be based on the final value of your pension fund.  The Pension 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 life (also known as an Annuity) 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.

Current Employer and Employee Penion Contribution Rates:

Your employer currently pays 7% of your salary to the Scheme as follows:

• 6.35% is invested in your pension fund for your retirement.
• The balance of 0.65% goes to cover the cost of your life cover and the running costs of the Scheme.

You, the member, pays 5% of salary, all of which is invested in your pension fund, for your retirement.

Where will your pension contributions be invested when you join the Scheme?

When you first join the Pension Scheme, your pension contributions will be invested in the Scheme's default investment strategy which is called 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, if you wish, 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.

How can I review my pension fund and see its current value?

Irish Life's provide all members with access to their pension fund via their online Member Portal.  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.

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 contains all letters and correspondence sent to you from Irish Life.

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 didn’t give your email address or mobile phone number to Irish Life, which is required to get access to the Member Portal, please contact Irish Life by emailing fedvol@irishlife.ie and they will be happy to help you get set up.

If you follow the steps in the Member Portal Registration Video, you should be able to register for the Member Portal with no problems.

Members should also watch the Member Portal Information Video which:

• Outlines the main features of the Member Portal as outlined above; and
• Demonstrates how to use the projection tools available in the Member Portal.

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.

What is the Death in Service Benefit?

In the unfortunate event of your death while still in service but 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.  Your life cover benefit is a separate policy to your pension fund.

When can a member draw down their Pension Fund?

• The Normal Retirement Age (NRA) under the Scheme is your 65th birthday when members can draw down their pension fund.
• Early retirement is possible from age 50 onwards, provided the member has left employment.
• Retirement on grounds of ill health can take place at any age.  However, the member is required to have a Medical Declaration Form completed and signed by their Medical Consultant (not GP), confirming they meet the following definition of ill health: "Ill Health means physical or mental deterioration which is serious enough to prevent the individual from following his / her normal employment or which very seriously impairs his / her earning capacity.  It does not mean simply a decline in energy or ability".  Please review the "Retirement on Grounds of Ill Health" section for further information.

Size of Pension Scheme

The National Federation of Voluntary Service Providers’ Pension & Life Assurance Scheme is one of the biggest Defined Contributions Schemes in the country.  The Scheme comprises of 24 participating employers; 8,873 members (5,744 Active members and 3,129 deferred members) and has a fund value under management of over €376m as at 30th September, 2024.   

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 and Vice Chairman).                                                  

Maria McMahon is the Pension Scheme Manager and Scheme Secretary.  For further information on the Trustees and the Pension Scheme Manager and their qualificiations please click here

Other parties involved in the National Federation of Voluntary Service Providers Pension & Life Assurance Scheme are outlined here in an Organisational Chart.