Stable Employee Pension Scheme in Full Progress

Thursday, March 01, 2018
Stable Staff 1

Stable Yard Scene, Naas Photo: Patrick McCann

The new defined contribution pension scheme for stable staff in the Republic of Ireland, aimed at providing a meaningful benefit at retirement for eligible employees, is now up and running. Stable staff who sent in their application forms in 2017 have already received notification of their funds from Irish Life.

Stable staff who are eligible members and have not completed their application are urged to do so as soon as possible.  If these forms have been misplaced copies can be obtained from Trish Cullen at the IHRB/Turf Club on 045 445600 who can also provide assistance on completing the form.

The scheme, which is funded by a deduction from the Trainers proportion of prizemoney, means that staff who benefit from the scheme do not need to make a contribution. This is a significant benefit to employees so they are encouraged to sign up now.

Trainers are also now urged to complete data returns for 2015 and 2016 to allow further funding be applied to their eligible employees pension accounts for those years. New members may also come into the scheme for those years.

Margaret Davin, Chairperson of the Committee of Management of the Stable Employees Defined Contribution Pension Scheme, said:

“Although the scheme has taken time to set up we urge all eligible members to complete their application form. The form should then be returned by post to the Committee of Management c/o Irish Horseracing Regulatory Board, The Curragh, County Kildare.

“Trainers who have not done so should also return the data for 2015 and 2016. Funds will then be transferred to their employees’ pension account, once the data is verified and the member forms received.  If this does not happen eligible members may miss out on this benefit, particularly for those early years.”

Alternative equivalent arrangements are being put in place for eligible stable staff in Northern Ireland through their mandatory UK pensions.

Although the scheme has taken time to set up we urge all eligible members to complete their application form. 

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