1. Who is eligible to join the Cornmarket Retired Members’ Life Cover Plan?
There are 3 ways to enter the Cornmarket Retired Members’ Life Cover Plan:
- Auto Entry - You are automatically entered into the Plan and no application form or medical information is required
- Preferential Entry - You can complete a Preferential Application Form, with no medical information required
- Standard Entry - You can complete a Standard Application Form, with medical information required
The eligibility criteria differ for each type of entry, so please see below for information on the entry method that is relevant for you.
A. Auto Entry
Members of the following Schemes/Plans will be automatically entered into the Cornmarket Retired Members’ Life Cover Plan on retirement or on reaching the ceasing age of their Scheme/Plan below if they are still working*, and don’t need to complete an application form.
- DCU Group Income Continuance Plan
- EPA/TII Income Continuance Plan
- NUIG Galway Voluntary Life Assurance Plan
- IFI Salary Protection Scheme**
*Your employer must inform us if you are still working and provide us with your salary. For more information on salary, please see Q2 What salary is my cover based on? **IFI members who are not contributing to the Death Benefit element of their Salary Protection Scheme are not eligible to join the Cornmarket Retired Members’ Life Cover Plan on an auto entry basis. Members must apply using the Standard Entry.
B. Preferential Entry
You can apply to join the Plan using the Preferential Application Form if:
1. You are aged over 50 and under 70
2. You are or were a member of one of the following Schemes/Plans:
- AHCPS & VOA Group Life Plan***
- ASTI Salary Protection Scheme
- Fórsa Salary Protection Scheme members of the Civil Service and State Enterprise Divisions (formerly IMPACT)
- Fórsa Salary Protection Scheme for members of the Health & Welfare, Local Government & Local Services, and Education Divisions (formerly IMPACT)
- INMO Income Protection Scheme
- INTO Salary Protection Scheme
- PNA Salary Protection Scheme
- Salary Protection Scheme for SIPTU Allied Health Professionals and Members of the MLSA
- SIPTU LAPO Income Continuance Plan***
- SIPTU Nurses and Midwives Salary Protection Scheme
- TUI Income Continuance Plan
3. You are applying to join in the 6 months before or 6 months after:
- You retire or
- You reach the ceasing age of Life Cover in your Scheme/Plan (if you are still working or a claimant).
***If you are a member of the AHCPS & VOA Group Life Plan or SIPTU LAPO Income Continuance Plan an agreement is in place to allow members to join the Plan on a preferential basis. These agreements are in place until each of the Schemes are next reviewed. Please contact Cornmarket on (01) 420 6773 for more information.
C. Standard Entry
You can apply to join the Plan using the Standard Application Form, if:
1. You are or were a Public Sector Employee and
2. You are aged over 50 and under 70 and
3. You do not meet the criteria to apply to join with Preferential Entry or Auto Entry and
4. You are applying to join in the 6 months before or 12 months after:
- You retire or
- You reach the ceasing age in your Scheme/Plan (if you are still working or a claimant).
2. What salary is my cover based on?
If you are retired, your cover is based on your pensionable salary. This takes into account your basic salary at retirement plus your fluctuating pensionable earnings averaged over the 3 years prior to retirement.
If you are working, your cover is based on your current salary. This takes into account your current gross annual salary, plus an average of any other payments in the last 3 years which are taken into account for Superannuation purposes.
Please note: if you retire at a later date it is essential that you notify us of your pensionable salary. Your premiums and cover will be based on the latest salary that you notified us of. If you worked part-time, please see the Plan Summary Booklet for more information.
3. How much does membership of the Cornmarket Retired Members’ Life Cover Plan cost?
The Plan is designed to be affordable for every member. The rates and benefits are negotiated on a special ‘group basis’ for Public Sector Employees, to provide you with remarkably good value.
The Plan cost is currently set at 0.5% of your pensionable salary or current annual salary* if you are still working.
*For more information on salary, please see Q2 What salary is my cover based on?