1. RETIREMENT BENEFITS

(a) Lump Sum Gratuity: 3/80ths of Final Actual Salary for each year of service.

(Maximum 120/80ths)

(b) Members Pension: 1/80th of Pensionable Salary for each year of service.

(Maximum of 40/80ths)

(c) Spouses Pension: 50% of Members Pension.

(d) Cost of Living

Parity related increases Granted at the Ministers discretion.

2. DEATH BENEFITS

Lump Sum Benefit: A minimum of one years Salary up to a maximum of 1.5 times

Salary, depending on reckonable service at date of death.

Spouses Pension: 50% of Members projected Pension.

Childrens Pensions: 1/6th of Members projected Pension, for each child, to a

maximum of 3 children.

(Children up to age 16 or 21 if in full time education).

3. MEMBERS CONTRIBUTIONS(applicable to post April l995 Members only)

(a) Lump Sum Gratuity: 1.5% of Actual Salary.

(b) Members Pension: 3.5% of Pensionable Salary.

(c) Spouses and Childrens Pension: 1.5% of Actual Salary.

NOTE:

For members who joined service after 6th April 1995 the Benefits shown above are inclusive

of the State Retirement Pension payable from age 65.

Overall the Superannuation Scheme provides excellent benefits. However there are a number

of areas where your benefits can be improved in a tax-efficient way. See plan details following

For further information on any of these plans please contact

Gregan McGuinness

(LIFE & PENSIONS) LIMITED

36 Waterloo Road, Dublin 4.

Telephone: 6609388/6609934/6609940

Facsimile: 6609499

GROUP LIFE PLAN

As mentioned earlier, the Death in Service Lump Sum provided under the Superannuation Scheme ranges from once to 1.5 times Salary, depending on reckonable service at date of death.

The Group Life Plan offers you additional cover of 1.5 times Salary to augment your Death in Service Benefits.

The gross cost of this cover is 1.1% of Salary, the net equivalent cost being 0.57% of Salary. For a person earning £40,000 p.a. (Benefit £60,000) the net monthly cost would be £19.

This rate is far superior to individual rates applying in the marketplace and is guaranteed to 1/1/2003.

ADDITIONAL VOLUNTARY CONTRIBUTION PLAN

Contributions of up to l5% of Salary less Members Superannuation/Group Life Contributions qualify for full Income Tax and P.R.S.I. relief, as long as the resultant benefits provided are within Revenue limitations.

The main reasons for paying Additional Voluntary Contributions are:-

To facilitate Early Retirement at age 60.

To increase your Tax-free Gratuity to the maximum of 1.5 times final salary.

To increase your own Pension to 50% of Salary.

To increase the Spouses Pension.

To provide Cost of Living increases.

If you are anyway short of full service, you should consider AVC's as they offer a tax-efficient means of improving your retirement benefits.

INCOME CONTINUANCE PLAN

While the Pension Scheme makes adequate provision for retirement at age 65, it does not provide sufficient income if ill-health necessitates your early retirement.

Members forced to retire early due to ill-health can suffer a drastic reduction in their income. Membership of the

Income Continuance Plan can protect against this by ensuring an overall income of 75% of Salary, inclusive of ill-health pension and Social Welfare Disability benefit at the single persons rate, if applicable.

The following table shows the extent of this reduction by highlighting the Income that should be available in the event of early retirement due to ill-health.

 In addition to the above you would be entitled to the State Disability Benefit of £73.50 per week if you are single and £116.70 per week if you are married with an adult dependant.

The gross cost of the plan is 1.60% of Salary, which when allowing for tax-relief at 46% equates to a net cost of 0.87% of Salary. This rate is guaranteed to 1/7/2002.

NOTE.. Benefits are calculated differently for those who joined service prior to 6th April 1995.