DETAILS of the new Stable Employees Pension Scheme were revealed at two presentations in Kildare and Newry last week.

The scheme is funded by a deduction from overall prize money and staff benefiting from the scheme do not have to make a contribution, though that option may be available in the future. Employees do not need their employer’s horses to win prize money to be eligible.

To be eligible for the scheme, staff must have taxable earnings with a licensed trainer of at least €15,210 for the previous three years. Staff who work for two or more licensed trainers can combine their earnings to reach the qualification threshold.

COMMITMENT

The Committee of Management say this criteria is in place to ensure that beneficiaries have shown a level of commitment to the industry.

“If the scheme was made available to all stable staff, regardless of service or earnings, the likely retirement benefits that would be available to all members would be trivial and the lion’s share of the available funds would be spent on expenses incurred on operating the scheme.”

A previous pension scheme for stable staff was wound up in 2010 and it is believed that there is approximately €4 million in seed capital, deducted from prize money over the past seven years, to fund the current scheme already. Members of the old scheme are not automatically members of the new scheme, which is entirely separate.

Stable staff based in Northern Ireland are also eligible to benefit from the prize money deduction but, as employers in the north are already bound to provide a pension plan for employees, this scheme will be adapted differently in that jurisdiction.

Further details of the scheme can be obtained directly from Irish Life or the Committee of Management in the Turf Club.

STABLE EMPLOYEES PENSION SCHEME ROADSHOW

All roadshows begin at 6.30pm. Presentation at 7pm.

Email: aim@irishlife.ie

Tel: 045 445600