Frequently Asked Questions

The PIE Offer is an initiative by the Company and all correspondence to you regarding the offer is from the Company. The Company has discussed the option with the Trustee. The Trustee has reviewed the option and is satisfied that it is appropriate to offer the option to members. Neither the Company nor the Trustee are making any recommendation to members to take up or not take up the offer. It is a matter for you to decide whether to take the offer on the basis of your own financial advice.

The main factor that determines the size of the uplift percentage is a person’s current age.

Other factors include gender, current marital status, and the age of a pensioner’s spouse/civil partner.

The status of the pensioner also has a bearing on the uplift, i.e. the pensioner can be either an original member of the Scheme or a spouse of a deceased former member.

Date of retirement has a small impact if a pensioner is still within 5 years of retirement.

Finally, in individual cases, if there is a Pensions Adjustment Order in place this can impact the uplift.

If you accept the offer, your pension will receive a once-off increase effective from your October 2026 pension payment and will remain fixed at that level, thereafter.

How long you expect to live is a very important factor in deciding whether to accept the option. If you live for a long time, then giving up your pension increases could result in inflation gradually reducing what you can afford to buy with your pension.

The Company currently has no plans to make the option available again to current pensioners. The Company is considering introducing a similar option for members when they retire.

If you do nothing then your pension will continue to be paid on the same terms and increased annually in line with the Scheme Rules but please note that this PIE option may not be made available to you again.

Yes, you are welcome to bring a family member or another trusted individual to your meeting. We understand that pension decisions are important, and having someone with you for additional support can be helpful. If you require another type of additional support please make sure to include details in your fact find.

This offer is available for a limited time only. In order to accept the PIE Option, you must have taken financial advice and returned a valid and fully completed Acceptance Form by no later than 31st July. We will send you a reminder letter closer to the date.

You have a cooling off period up to the 14th August 2026. After the cooling off period your decision cannot be reversed

This exercise and the information provided to you have been prepared based on current legislation. It is not possible to give any guarantee that future changes in legislation or in the Irish pension environment would not affect the outcome of any decisions you make regarding your pension.

Yes, all pension payments are subject to taxation – as they are currently. This will be deducted from your gross payment through the pension payroll i.e. in the same way that current tax deductions are made.

Further information on the taxation of pensions can be found here (Citizens Information website).

This exercise will have no impact on your Contributory State Pension under the current rules. Further information on the State pension can be found at www.welfare.ie.

Some State benefits, such as the Medical Card, are means-tested and should you take the option to exchange your pension increases for a higher level pension then your entitlement to these means-tested benefits may be affected. 

Where you are in receipt of such benefits then you should outline the benefits you currently receive in your factfind document. Note that the entitlement to a medical card is assessed on a case by case basis by the HSE. Where you are entitled to a medical card we would recommend that you seek clarification from the HSE via their helpline on 0818 22 44 78 or clientregistration@hse.ie before you make your decision to ensure that your entitlement to a medical card remains unchanged. 

Other means-tested benefits include the Household benefits package which is means-tested where the individual is under age 70. 

Please note that our recommendations are aligned with present practices and cannot account for potential future changes.

Under the Nursing Homes Support Scheme (“Fair Deal”) a percentage of your income and assets can be contributed towards nursing home care which may otherwise be prohibitively expensive. The contribution from an individual towards the cost of care will depend on their level of income and the value of their assets.

If you require care at some point in the future, and elect to take the PIE option then your contribution to the cost of care under this scheme would be based on your increased pension. This contribution may be higher or lower than that had you not accepted the option, depending on the age at which you enter care.

Further information on this scheme be found here (HSE website).

A dependant’s pension could be payable to a legal spouse, civil partner or child. If you choose to take this option the pension payable to your spouse or dependant will be calculated based on your higher flat-rate pension at death. The spouse’s/dependant’s pension will not receive pension increases. Different rules may apply if there is a pension adjustment order (PAO) in place in relation to your benefits and you should let us know if this is the case. If you accept the option, there is a requirement that your spouse or civil partner also sign the Acceptance Form.

If you are in the process of getting divorced, in order for you to accept the PIE Option, the Acceptance Form must be signed by you and your current spouse / civil partner. If a pension adjustment order (PAO) is already in place when you accept the PIE Option this can be discussed at your Personal Financial Advice meeting.