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1

2 INTRODUCTION The purpose of this Plan is to provide you with an income in the event of a loss of earnings due to disability for a period of more than six months. The rates, terms and conditions of the contract now being offered to you are far superior to those, which would be available to you as an individual effecting this vital cover. This booklet has been prepared to explain to you, simply and concisely, the various benefits of the Plan, which operates for your advantage but the booklet obviously contains only an outline of the Plan. The Plan is governed by a Group Income Protection Insurance Policy, which controls the circumstances in which payments will be made and which will be available for inspection on request. The Policy itself will apply in the event of a claim. WHAT IS DISABILITY? Total Disability You will be considered to be totally disabled if because of sickness or accident you are unable, in the opinion of the Underwriters, to carry out the duties of your own occupation (i.e. your job with UL), and are not engaged in another occupation. Partial Disability You will be considered to be partially disabled if, following a period of total disability, you are unable, in the opinion of the Underwriters, to carry out the full duties of your own occupation (ie your job with UL), but you are doing some work either in your own occupation or in any other occupation at a reduced income. WHO IS ELIGIBLE TO JOIN? To be eligible to apply for membership of the Plan you must be: 1.Under age 65; and 2.An employee of the University of Limerick; and 3.Either: (a) A permanent employee working full time;or (b) Part time and working on average not less than 20% of the normal working week; or

3 ARE THERE ANY MEDICAL REQUIREMENTS WHEN JOINING? If you join the Plan at your first available opportunity, you will not be required to provide any medical evidence. However, if you decline the offer to join at your first available opportunity and subsequently decide to join, you may have to provide the Insurer with evidence of your state of health. Details of any such requirements will be notified to you if they are applicable. The Insurer will make a decision based on this evidence which may result in your benefits being restricted or declined entirely. There may also be additional premiums charged or a change may be made to the definition of disability. HOW MUCH DOES THE PLAN COST? The cost of the Plan will be 0.6% of your Salary and will qualify for tax relief. HOW DO I CLAIM TAX RELIEF? Tax relief is available as part of a net pay arrangement, which means that your employer will deduct your contributions to this arrangement from your gross salary and you will only pay tax on your net salary. As you are getting tax relief at source you do not need to contact the Revenue Commissioners to avail of relief. WHEN DO I QUALIFY FOR BENEFIT? You qualify for benefit if, in the opinion of the Underwriter, you are totally unable to carry out the duties of your normal occupation and you have reached the end of the deferred period. As you are aware, UL continues to pay all or part of your earnings for a limited period of disablement. Thereafter, the income continuance benefit becomes payable. IF I AM DISABLED, HOW MUCH WILL I RECEIVE? Your sick pay arrangements provide for the payment of full salary for up to 183 days in any 12 month period and 50% of salary thereafter subject to a maximum period of payment of full and half pay of 365 days in any consecutive 4 year period. The University of Limerick Income Protection Plan seeks to ensure that between your Ill Health Early Retirement Pension, any Social Welfare benefit, and the Plan benefit, you will receive a gross income of up to 75% of your pre-disability salary. The maximum monetary benefit payable is 250,000 per annum.

4 The maximum benefit that can be paid is the lesser of: (i) 75% of Salary less, if applicable, the current single person s Social Welfare Illness Benefit (ii) 75% of the first 150,000 of Salary less, if applicable, the current single person s Social Welfare Illness Benefit plus 50% of the balance of Salary (iii) 250,000 per annum HOW DOES PARTIAL DISABILITY AFFECT MY INCOME? If you are partially disabled as described in the definition and suffer a reduction in earnings a reduced income will be payable. HOW IS THE INCOME PAID? The income will be paid to you as Salary, monthly in arrears, and will be taxed under P.A.Y.E. DOES THE INCOME INCREASE DURING A CLAIM? Yes. The benefit will increase each year by the lesser of 5% per annum compound or the rate of increase in the Consumer Price Index over the previous 12 months. The first increase will apply after payment of benefit for 12 months and subsequent increases will be at yearly intervals. WHAT ARE THE CLAIMS PROCEDURES? Claim forms should be completed at least 4 weeks before the end of the deferred period. Further medical evidence may be required both before and after a claim is agreed. If, whilst claim payments are being made you engage in any occupation, the Insurers must be advised. WHEN AND FOR HOW LONG WILL I RECEIVE BENEFIT? The disability benefit will commence after 6 months and will continue until: (i) your return to work, (ii) in the opinion of the Insurer, your recovery, (iii) your normal retirement age, (iv) your death If, having already received benefits, you then return to your former occupation and within 6 months, you become disabled again arising from the same cause, payment of benefit will resume immediately. If the Plan is discontinued, any payments which are already being made or which are due to start within 6 months, will continue in accordance with the terms of the Policy.

5 GENERAL CONDITIONS Part-time employment Do I have to leave the Plan? No. Premium & benefit will be based on your reduced salary. If you wish to leave the Plan, please advise the payroll department. On resumption of full-time employment, premiums and benefits will be based on fulltime earnings. Unpaid Maternity/Parental Leave Do I have to leave the Plan? No. Cover will continue unaffected as long as such leave is within statutory limits. Premiums will not be required for the duration of unpaid Maternity/Parental Leave. This is subject to the period of leave being no longer than 18 weeks. If I am paid benefit under the Plan and then return to active employment, can I still be covered? Yes. This contract is non-cancellable. Once you have been accepted by Friends First for an amount of benefit, they cannot cancel the cover then in force on account of subsequent medical record or amount of claims. You may, however, cancel the cover by contacting the payroll department. If I become a claimant, do I still pay premiums? No. Once you start to receive benefits under the Plan (typically after 6 months), no premiums are payable, until the claim ceases. Career Break Do I have to leave the Plan? Not necessarily but please advise UL s HR Department with your details and Friends First will advise. Will I be paid if I suffer injury or illness outside my employment? Yes. Cover is provided on a 24 hour a day basis, up to age 65. You are covered for worldwide travel, be it either for the purpose of business or pleasure, subject to you being resident in EU. Cover will continue for temporary residence abroad for periods not exceeding 12 continuous months. You must notify Friends First when the 12 continuous month period is reached.

6 ARE THERE ANY CIRCUMSTANCES WHERE THE INCOME WOULD NOT BE PAID? Your disability benefit will not be paid if disability arises as a result of specifically excluded circumstances, as follows: (i) The taking of alcohol or drugs (other than under the direction of a Registered Medical Practitioner) (ii) By any form of war, whether declared or not. (iii) By participation in a riot, insurrection or civil commotion. (iv) By a wilfully self-inflicted injury or the deliberate neglect of health by failure to seek or follow medical advice. You may reside or travel anywhere in the world, but if benefit becomes payable and at the date of commencement of benefit or at any time thereafter, you are resident or travelling outside the free limits, the relevant benefit will be payable in respect of a maximum of 13 weeks during any period of 52 weeks of such residence or travel, subject to an overall limit of 39 weeks payment of such benefit. Free limits means all countries that are members of the European Union at the time you joined the Plan. LEAVING SERVICE If you leave service 5 or more years before your normal retirement date and if you take up another fulltime job, which is acceptable to the Insurers, you will be able to take out a private policy in order to continue your disability cover. If the benefits under the policy are no greater than those provided under this Plan, you will no be required to provide any evidence of your state of health at that time. You will have to tell the Insurer that you wish to take out a private policy within 2 months of leaving service. Normally the premiums and conditions for the private policy will be those generally available to members of the public at the time the policy is set up. If, however, any of your Plan benefits were subject to special terms, the same special terms will apply to the corresponding part of your private policy. AMENDMENTS TO THE PLAN We hope to continue the Plan indefinitely. We must, however, reserve the right to modify, suspend or discontinue the Plan by giving notice to the eligible members if future conditions warrant such action. The benefits under the Plan are secured under a Policy effected with Friends First Life Assurance Company Limited. No entitlement to any benefit will arise under the Plan unless a corresponding benefit is secured under the Policy.

7 GROUP LIFE COVER What does this plan provide for me? Designed to ease financial burdens at a difficult time, the UL Group Life Plan provides an important extra benefit for your dependants in the unfortunate event of your death. What level of cover is provided for my dependants? The level of cover provided under this plan is 2.5 times salary. This Death Benefit is salary linked so it rises each year in line with your salary and is in addition to any other benefits to which your dependants would be entitled. What will it cost me? The cost of benefit is 0.45% of Salary, paid on a monthly basis. This rate is guaranteed until May 1st 2012 and is applicable to all members, regardless of age, gender or smoker status. Because it is operated on a group basis, the plan costs much less than the cost of taking out an individual basis in the open market. Am i eligible to join the plan? All pensionable employees of UL, who are under age 65, are entitled to join the plan. How long am i covered for? You will be covered for as long as you are employed by UL. Your cover will cease upon your resignation or retirement. What other benefits does it offer me? You are probably familiar with the long proposal forms usually required by insurance companies when you apply for life cover. Again, because this plan is operated on a group basis, Friends First require you to complete only a shortened application form, with a much simplified set of medical questions. How do i join the university of limerick income protection and life cover plan? Simply complete the application form and return it to: Pensions Office University of Limerick Can i choose a higher or lower level of cover? No. Because the plan is designed to provide a uniform benefit to all members, the only cover available is 2.5 times your salary. Are there any other charges? No. You pay your premium through your payroll and that amount is remitted to the underwriters.

8 regulated by the Central Bank of Ireland.

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