Members' pension schemes

Benefits

Pensions under the Members Pension Scheme are calculated on an individual basis and take account of salary, salary allowances and service.

The Single Pension Scheme is based on a career average model and members of the scheme receive an annual statement of the amounts that have accrued towards both pension and lump sum for each year of service.

Both schemes are defined benefit schemes and provide for a pension lump sum and occupational pension and other benefits such as spouses and children's pensions, facility for early retirement on medical grounds and death in service payments.

Houses of the Oireachtas (Members) Pension Scheme

A Member is part of this scheme when they:

• were first elected before 1 January 2013, or
• employed within six months of the election as a public servant since before 1 January 2013, or
• are on a career break or other authorised leave from the public service and are a member of a pre-existing pension scheme.

Single Pension Scheme

Members first elected after 1 January 2013 without prior public service will be part of the Single Pension Scheme.

Minimum service

To qualify for a pension under either scheme, a Member must have a minimum of two years service in one or both Houses of the Oireachtas.

Minimum pension age

Houses of the Oireachtas (Members) Pension Scheme

If a Member is first elected before 1 April 2004 or served in a public service body prior to 1 April 2004, up to the date of election or within 26 weeks prior to election, the Member qualifies for a full pension and lump sum at 50 years of age. An actuarially reduced lump sum and pension may be paid at any time between 45 and 49 years of age.

If a Member was first elected after 1 April 2004 and before 1 January 2013 and was not serving in a public service body within 26 weeks prior to election, he or she qualifies for a full pension and lump sum at 65 years of age. An actuarially reduced lump sum and pension may be paid at any time between 55 and 64 years of age.

Single Pension Scheme

The minimum pension age for members of the single scheme is 66, rising in line with the State contributory pension. An actuarially reduced lump sum and pension may be paid at any time between 55 and 65 years of age.