Staff pension scheme

In this section, staff can access documents and additional information relevant to the staff pension scheme.

See detailed information using the links below

Meet the Trustees of the Law Society Pension Scheme

The Trustees of the Law Society Pension Scheme are Michael Quinlan, Law Society Council Member and Simon Murphy, Law Society Past President and Council Member, who are the Law Society’s representatives. The two employee representatives for the Law Society Pension Scheme members are Rory O’Neill and Mary Ann McDermott in the Regulation Department.

Trustee Annual Reports

Law Society of Ireland Pension and Life Assurance Scheme

Law Society of Ireland Defined Contribution Plan

Pension Forms

An overview of the operation of the Law Society Pension Schemes

The Society provides a pension for staff with qualifying service of one year.

As a member of the Pension Scheme, you will also be asked to contribute towards the cost of providing retirement benefits. These contributions will be deducted in weekly / monthly instalments, which start when you become a member of the Scheme, and cease upon retirement, earlier withdrawal from the Scheme or at such a time as you leave the employment of the Society.

The Society have two pension schemes and a facility to make AVCs (Additional Voluntary Contributions) as detailed below:

  • Law Society Defined Benefit Pension Scheme: If you joined the Society before 1 January 2009 and you joined the Pension Scheme before 30 September 2010, then you are a member of the Defined Benefit Pension Scheme.
  • Law Society Hybrid Pension Scheme: If you joined the Society after 1 January 2009, then you are a member / eligible to join the Hybrid Pension Scheme. This scheme has two elements:
  1. Defined Benefit element up to €45,500
  2. Defined Contribution element for salary above €45,500
  • AVCs: All Pension Scheme members are entitled to contribute additional amounts on top of standard pension contributions by means of making AVCs.

New employees with the Society, who have a 12 month waiting period before becoming eligible to join as a full member of the Society’s Pension Scheme, may make contributions to the Defined Contribution element of the Scheme by means of AVCs during this waiting period.

Law Society Defined Benefit Pension Scheme

The benefits and rules of this Scheme are outlined in the Member Explanatory Booklet and include:

  • A pension “promise” of one 60th of your pensionable salary per year of service, less state pension
  • You pay 8% and the Law Society pays 20% (currently). The Society’s contribution varies with investment performance etc.
  • Membership of the Permanent Health Insurance (PHI) Scheme
  • Normal retirement age 65

For more information, view the pre-2009 Defined Benefit Scheme Booklet.

Law Society Hybrid Pension Scheme

The benefits and rules of this Scheme are outlined in the Member Explanatory Booklet and include:

  • The first €45,500 of your salary is applied to the Defined Benefit Scheme and the above applies (as set out under 'Law Society Defined Benefit Pension Scheme')
  • Contributions on any salary amount above €45,500 are invested into the Defined Contribution Scheme
  • Within the Defined Contribution Scheme, you pay a fixed 5% and the Society pays a fixed 10%
  • Your pension entitlement will depend on the investment performance of the combined contributions and can only be determined on retirement

Member Explanatory Booklets for each Scheme are available below:

Defined Contribution Scheme – Investment Choices

Information on fund choices associated with the Defined Contribution Scheme are included in the Member Explanatory Booklet.

Permanent Health Insurance (PHI)

All members of the Law Society Pension Scheme are also automatically enrolled into the PHI scheme. This scheme entitles all employees who are Pension Scheme members to Income Protection cover to the value of 75% of gross salary (less other income e.g. social welfare payments), in the event of long-term illness / injury, which lasts longer than 6 months.

Additional Voluntary Contributions (AVCs)

All Pension Scheme members are entitled to contribute additional amounts on top of standard pension contributions by means of making Additional Voluntary Contributions (AVCs).

Making AVCs enables employees to benefit from an enhanced pension upon retirement, in a tax efficient way.

New employees with the Society, who have a 12 month waiting period before becoming eligible to join as a full member of the Society’s Pension Scheme may also make their own contributions by means of AVCs, should they wish.

Note that there are limits on maximum percentage of salary levels for contributions to AVC schemes which attract tax relief. Please refer to the 'Age-related percentage contributions limits' section below.

Should you wish to make AVCs, you will find an application form below:

AVCs are invested through New Ireland and investment performance of AVCs can be tracked on the New Ireland website.

Age-related percentage contribution limits

You get tax relief on standard pension (and AVC contributions), at the marginal rate, up to the relevant age-related percentage limit of your earnings in any one tax year.

The maximum earnings threshold for tax relief is €115,000 in 2020.

Age-related percentage limits relating to tax relief on pension contributions are as shown below. For example; an employee who is aged 42 and earns €40,000 can get tax relief on annual pension contributions up to €10,000.

Age

Percentage limit

Under 30

15%

30-39

20%

40-49

25%

50-54

30%

55-59

35%

60 or over

40%

 

Joining the Scheme

Deadlines

Pension applications for any employee should be received by the HR team by the payroll cut-off date for that month for pension changes effective that month.

For example; a pension change/new application effective 1 October should be received by the HR team no later than the second Monday of the month in October. Any pension change/new application received after the second Monday of the month would therefore be effective from the following month.

*Note that all pension changes / new pension applications on both weekly and monthly payrolls are effective from the first day of the month.

Effective Date of Contributions

Please note that employees joining the scheme cannot backdate their contributions. Contributions to the scheme are effective from the time the employee contacts Human Resources and in line with the relevant deadlines (as shown above).

Transferring Contributions

Employees wishing to transfer contributions from other pension schemes into the Law Society Pension Scheme must firstly contact their previous pension provider to advise them directly of the wish to transfer their contributions out. Any transferred amounts will be invested in the Defined Contribution Scheme. You will find full details in the relevant Member Explanatory Booklet.

General

You can access further information on the performance of the Law Society Pension Schemes and Annual Reports below.

The information shown here is for your guidance only. Full details on all Law Society Pension Schemes are as per the relevant Scheme Member Explanatory Booklet.

For queries, please contact Pension Matters by email at PensionMatters@lawsociety.ie or you may contact Aoife Holland McGeough directly on 01 672 4921.