Your Guide to The University College Dublin (UCD) Voluntary Life Assurance Plan Group policy number: 6088 January 2015
Contents Section I Section II Section III Object of the Plan Plan Benefits Joining the Plan This Plan has been devised by Willis, Grand Mill Quay, Barrow Street, Dublin 4. Telephone (01) 661 6211 The benefits of the Plan are underwritten by Irish Life Assurance plc ("the Assurer") If you have any queries regarding the plan you should contact: UCD Pensions Human Resources Roebuck Offices University College Dublin Belfield Dublin 4 or email pensions@ucd.ie Foreword The Plan is established by Trust Deed and Rules and will be administered by Trustees appointed by the University. The Plan has been designed to be fully approved by the Revenue Commissioners as an exempt approved scheme under Chapter 1 of Part 30 of the Taxes Consolidation Act, 1997 and is a Defined Benefit Scheme for the purposes of the Pensions Act, 1990. This plan has been registered with the Pensions Board and the registration number is PB 2174. This Booklet contains a brief summary of the main provisions of the Plan. It should be borne in mind that nothing in the Booklet can override the terms of the Trust Deed and the policy governing the Plan and cover under the Plan is subject to acceptance by the Assurer. The premium is very favourable when compared with similar cover available under individual type policies. Furthermore the premium may qualify for full tax relief at your marginal rate of tax. Willis Trustsure Limited are trustees to the scheme and is the administrator to the scheme under the terms of the Taxes Consolidation Act, 1997. Irish Life is appointed as the Registered Administrator as required under the terms of the Pensions Act, 1990.
Section I - Object of the plan The object of the plan is to provide an additional lump sum for the benefit of your dependants and/or estate in the event of your death while in the service of University College Dublin. The lump sum payable would supplement the benefit payable under the University s Pension Scheme. Section II - Plan Benefits What amount is payable? If you die in service before the later of your 65th birthday or your normal retirement age a lump sum will be paid equal to twice your salary applying at the date of death. The lump sum will be paid by the Trustees to one or more of your dependants. If there are no dependants the benefit will be paid to your estate. Salary is defined as actual salary (inclusive of any pensionable allowances provided allowance is made for them in your contributions) used for the calculation of pension and gratuity. How much does the plan cost? The rate of contribution is subject to review every three years. The current rate is 0.45% of salary and will be next reviewed in October 2017. This is inclusive of the 1% insurance levy. Premiums (monthly) Salary Life Assurance Premium Cover 30,000 60,000 11.25 60,000 120,000 22.50 100,000 200,000 37.50 The plan is designed to provide a uniform benefit of two time salary to all members at one standard rate regardless of age. Do the premiums qualify for tax relief? Tax relief is applicable on member premiums and will be applied through the UCD payroll. Tax relief is available at your marginal rates. Tax relief example 1 Income tax rate at 20% Salary Monthly Tax Relief Net Premium at Source Premium 30,000 11.25 2.25 9.00 Tax relief example 2 Income tax rate at 40% (as of January 2015) Salary Monthly Tax Relief Net Premium at Source Premium 60,000 22.50 9.00 13.50 100,000 37.50 15.00 22.50 Why should I join now? By special arrangement with the Assurer, employees will be automatically covered without any form of medical evidence subject to the following condition: You are joining the Plan within 31 days of entering the employment of the University or on the date you first became an eligible employee and can sign the declaration on the application form. What happens if I do not join on first being eligible? If you do not join the Plan within 31 days of entering the employment of the University and subsequently apply for membership you will be asked to submit such evidence of health as the Assurer may require. 2
What happens if I leave employment? Cover ceases on the date of leaving. However in the event of your leaving the service of the University, other than by retirement, before your 50th birthday you will normally be entitled to elect to maintain without medical evidence all or part of your death benefit under the Plan by means of an individual policy to be issued by the Assurers. The policy would be for an amount not exceeding your cover under the Plan, accepted at normal terms. The cover would apply from the date that you leave to your 65th birthday. The premium payable would reflect prevailing market rates and be offered at ordinary rates set then in use by the Assurer. The option must be elected within 31 days of leaving employment with UCD and full details will be supplied on request. What happens if I am in receipt of an Income Protection Claim? Members of the Income Protection Plan who become claimants under that Plan after the commencement date of the Life Assurance Plan may continue their membership of the Life Assurance Plan. No contributions will be charged for members while they are claiming under the UCD Income Protection Plan. Your cover will remain in place free of charge. The amount of cover would be based on the salary that applied at the date you were first absent from work. If you return to work your premiums will recommence. What happens if I am on maternity leave? Your cover will continue for the duration of your paid maternity leave. What happens if I take unpaid parental or maternity leave? If you take unpaid parental leave, your cover will continue automatically without charge, subject to a maximum of 26 weeks in any one year. Premiums in respect of this period will be waived and deductions will recommence on return to work. If you take unpaid leave for longer than 26 weeks in any one year, your cover under the plan will cease until you return to work. What happens if I go on sabbatical/leave without pay? Members who go on leave of absence without pay can choose to maintain their life cover for a period up to 12 months. This is on condition that premiums are paid in advance. Cover and premiums will be based on the salary at the commencement of the sabbatical period/ period of unpaid leave. Can a member assign the benefit? Since the object of this Plan is to supplement the lump sum benefit under the Univerisity's Pension Scheme and is so approved by the Revenue Commissioners, the benefits described in the Booklet are strictly personal. It is not possible, therefore, to use the benefit as collateral for a loan or assign it to any other person. 3
Are there any Revenue Restrictions? The Revenue Commissioners permit the payment of a benefit in the form of a lump sum cash payment up to four times salary in the event of the death of a Member prior to retirement. In the majority of cases, therefore, the full amount of the benefit under this Plan will be payable in lump sum form. However situations can arise, particularly where a Member has lump sum death benefit entitlement from previous employments, where the benefit from this Plan taken together with similar entitlements under other plans or schemes exceeds four times salary. In these circumstances, the amount by which the total benefit exceeds four times salary will be used to provide income benefit for dependants. Can the plan be amended? The University reserves the right to unilaterally terminate the Plan and, subject to the approval of the Trustees, to amend the Plan at any time. In particular, amendments may become necessary as a consequence of changes in terms or premiums available from the Assurer. The University will not have any liability to or in respect of any person as a consequence of any amendment or termination. What happens if I obtain a divorce or a judicial separation? In the event that you obtain a divorce or a judicial separation after joining the Scheme an application for a Pensions Adjustment Order in respect of your contingent benefits payable on your death, may be made to the courts. Further information about the operation and impact of Pension Adjustment Orders may be obtained from the Pensions Authority by writing to The Pensions Authority, Verschoyle House, 28/30 Lower Mount Street, Dublin 2. What if I have a complaint? In accordance with the Pensions (Amendment) Act, 2002, the Trustees have established an internal procedure to resolve any dispute or complaint from a member or other beneficiary of the Scheme. All queries should be addressed in writing to Willis and a form will be provided for completion. If you are not satisfied with the results of the internal dispute procedure you will have the right to apply to the Pensions Ombudsman, 36 Upper Mount Street, Dublin 2. SECTION III - Joining the plan When did the plan commence? The commencement date of the Plan was 1st June, 1986. Membership of the plan is voluntary for all eligible employees. Who is eligible to join? You are eligible if your contract of employment so specifies and you are under age 65. How do I join? You may apply for membership at any time, subject to medical evidence, by submitting a completed application to Niamh Walsh, Willis, Grand Mill Quay, Barrow Street, Dublin 4. 4
If you are a new employee of the University you should submit a completed application form within 31 days of entering the employment of the University if you wish to avail of the automatic cover provision. 5
MEDI-PHONE: Your Questions Answered As part of the application process, Irish Life may ask that you complete a Medi- Phone interview.see below for more information on this process. What is Medi-phone? Medi-phone is an interview over the phone. We use it to gather medical or risk-related information when you apply for Life Cover. Risk-related information might include details of your current health, past medical history, family medical history, occupational risks and sports or hobbies. Calls take place at the time applicant chooses on the application form, i.e. morning, afternoon or evening. How does Medi-phone work? All phone calls are made by qualified nurses who work for MorganAsh (a specialist company who are conducting the interviews on behalf of Irish Life). They will first ask you to confirm some personal information, as a security check and to ensure confidentiality and that you are comfortable to undertake the interview at that particular time. After this, they will ask you relevant questions to gather the health information we need. To make the process go smoothly please take some time to gather the following information to hand: 1. Details of any medication you are currently taking (name and dosage). 2. Details of any past or present medical conditions suffered. 3. Details of any tests or investigations, eg. blood pressure, cholesterol tests. You may like to phone your General Practitioner or whoever did these tests, to get the results. 4. You may be asked for your height and weight. If you do not know your weight, please try to weigh yourself prior to the interview. 5. It is helpful to think about your recent medical history, for example in the past three years, did you visit the doctor or have you missed any time off work? If so, why and what medication did you receive? We will record the phone call which will be a permanent part of your application for cover. Calls should take approximately 15 to 30 minutes. Once we have gathered the relevant details as part of the Medi-phone call, a skilled Irish Life underwriter will assess the information and, in most cases, make a final decision on whether we can accept your application. Irish Life will then write to you to communicate this decision. In certain circumstances we may require some further medical evidence from your doctor and/or from yourself. You will be advised if this is necessary. 6
MEDI-PHONE: Your Questions Answered What are the advantages of Medi-phone over getting the information by paper? 1. We tailor each interview to you and your personal circumstances making the process easier and quicker than completing a standard application form. 2. It may be more convenient for you. 3. We can get better quality information on your health history. What happens if I do not want to discuss my medical details over the phone? This is not a problem. Following a medi-phone call, if you are not happy providing your medical details over the phone, we will post you the relevant forms for your completion. You can then post these forms back to Willis. If you have any questions in relation to this please contact Willis on 01 639 6333. 7
Contact us phone: 01 704 1338 fax: 01 704 1905 e-mail: cbvoluntaryrisk@irishlife.ie website: www.irishlifecorporatebusiness.ie write to: CB Voluntary Risk, 4th Floor, Irish Life Assurance plc, Lower Abbey Street, Dublin 1. 334cb (rev 1-15) Willis Risk Services (Ireland) Limited is regulated by the Central Bank of Ireland. Irish Life Assurance plc is regulated by the Central Bank of Ireland. In the interest of customer service we may record and monitor calls. Irish Life Assurance plc, Registered in Ireland number 152576, Vat number 9F55923G.