Purchase of Notional Service (Schemes prior to SPS)

Purchase of Notional Years Info

1.  Am I eligible to buy notional years?

Pension scheme members are eligible to buy notional years - subject to certain conditions.

2. How do I purchase notional years of service?

Contact the Pensions & Investments Office to find out:

• How many years service you will have at age 60/65
• How many notional years you will be permitted to buy
• The cost of the notional years

The Pensions & Investments office will prepare a costing of the purchase of notional years and send it to you.

You must notify the pensions office in writing pensions@universityofgalway.ie of your intention to buy notional years and the amount you would like to buy within the permitted limit.

3. Is there a good time to purchase notional years?  

 Contribution rates for monthly deduction contributions begin on your next birthday and end on your 60^th or 65^th  birthday.

Contribution rates for lump sum payments – such payments may be made at any time, subject to one such purchase per annum.

Unpaid contributions for a period during a purchase agreement can be made good by way of lump sum or by doubling-up on periodic contributions for an equivalent period.

4. Is there a maximum amount of years I can buy?  

Max service that can be purchased is the lesser of:

(a) the amount specified in the table below or

(b) the result of the formula 40-A-B, where A = Potential service and B = the service value of any retained benefits.

Purchase of notional service may be made to give 40 years maximum service at age 60 or 65 for members who have a minimum retirement age of 60 or at age 65 for “New Entrants” (who joined the public service after 1 April 2004) who have a minimum retirement age of 65 (see table below).

5. What happens if I am a Job Sharer/Part Time worker?

Job sharers/part-time workers may buy service to give 40 full-time equivalent years at either 60 or 65 (subject to the limit set out above).