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Great News! 22% Reduction cost for ASTI Salary Protection Scheme members

The 2014 review of the ASTI Salary Protection Scheme has been extremely positive. A 22% reduction in the cost of Scheme membership has been secured (from 2.31% to 1.80%) and the new rate is in place for the coming 4 years until the next Scheme review on 1st June 2018.

 

The Scheme will continue to dovetail with the new Public Sector sick leave arrangements when they come into effect on 1st September 2014 (for Public Sector employees in Education). Please see below for further details of all enhancements made at this review.

Please refer to the full review document for further details.

Underwriting of the Scheme will be transferred from Zurich Life to Irish Life at this review.

 

The 2014 review means better value and a lot more benefits for members:

 

Main enhancements to the Scheme

  • Dovetailing with new sick leave arrangements

With the new sick leave arrangements due to come into effect on 1st September 2014 for Public Sector employees in Education, current sick leave arrangements will be significantly reduced. The Scheme recognises this fact and, as a result of this review, will dovetail with the new arrangements. Effectively this means that the Scheme will facilitate the payment of benefits earlier than before, in line with members’ needs.

 

  • Specified Illness Benefit Added - only available once date of diagnosis is AFTER 1st June 2014

Given the high incidences of certain illnesses (e.g. cancer) experienced by ASTI members in recent years, it has been decided to replace the Pension Premium Protection Benefit* with a Specified Illness Benefit. This new benefit provides for the payment of a once-off tax-free lump sum of 25% of salary in the event that you suffer one of the specified illnesses covered (see page 4 of the full review document for details).

*Claims admitted prior to 1st June 2014 will continue to be eligible for the Pension Protection Benefit.

 

  • Specified Illness Benefit Partial Payment Added - only available once date of diagnosis is AFTER 1st June 2014

Irish Life has identified a further 10 less severe, but still life altering, conditions that they will make an additional separate Partial Payment on (see page 4 of the full review document for details). The benefit you would receive should you suffer a Specified Illness covered under the Partial Payment section is the lesser of: 25% of salary or €10,000.

 

  •  Ceasing Age Increased

For members who joined the Public Sector after 1st April 2004, the ceasing age of the Scheme has been increased from their 60th birthday to their 65th birthday at this review i.e. the Scheme now matches the minimum retirement age for post April 2004 entrants. For pre-April 2004 entrants the ceasing age continues to be their 60th birthday.

 

  • Claims Enhancement

Claims which have been in payment for at least 6 years will no longer be subject to periodical medical reviews and, therefore, are guaranteed to be paid (subject to financial review only) until age 60/65 (depending on your date of entry/ re-entry  to the Public Sector i.e. pre/post 1st April 2004). NOTE: This was previously 10 years. This enhancement is only available on claims admitted by Irish Life AFTER 1st June 2014.

 

  • New Claimants' Tax Return Service

This new service, provided by Midas, offers new Scheme claimants a complimentary PAYE Tax Return for each year that a claim is in payment (terms & conditions apply, please see page 5 of the full review document for details).

 

Midas is a tax-based service and not a regulated financial product. Cornmarket Retail Trading Ltd. is a wholly-owned subsidiary of Cornmarket Group Financial Services Ltd.

 

Please refer to the full review document for further details.

 

 

Cornmarket Group Financial Services Ltd. is regulated by the Central Bank of Ireland. A member of Irish Life Group Ltd. Irish Life Assurance plc is regulated by the Central Bank of Ireland. Zurich Life Assurance plc is regulated by the Central Bank of Ireland.