Financial

Through the group pension scheme, Gen will contribute 8% of your annual salary, and you contribute another 2%. You also can make additional voluntary contributions (AVCs) to increase your retirement benefits.

Eligibility

As a permanent or fixed-term Gen team member, you can join the scheme from your date of hire. Both team member and employer contributions will be deducted in the first full month following the month you sign up to the scheme.

Enrolment

You will not be automatically enrolled to the pension scheme. Membership in the scheme is not mandatory, and contributions cannot be made on your behalf until you enrol.

Join the pension plan through Workday (or through MyApps). Under Benefits and Pay, select Change Benefits and Enrol or Manage the Pension benefit, and enter 2 in the contribution value field. Click Submit when you have completed your selections.

Following your first month’s pension contribution, you will receive documents from Invesco in the post to your home address with details of your pension and a membership number that will allow you to register for Invesco Online, which will activate your account.

Contributions

When you retire, your benefits will be based on the funds accumulated in your retirement account. These funds are made up of the contributions you and Gen make, together with any investment return.

As a participant, you will contribute 2% and Gen will contribute 8% of your basic annual salary (excluding bonus, overtime, commissions, or other variable pay). Contributions are taken from gross salary and are not subject to tax.

Additional voluntary contributions

Additional voluntary contributions (AVCs) are extra contributions you can make to further increase your retirement benefits. You must not exceed the stated percentage of taxable earnings for your age bracket (less your contribution of 2%). See the contribution section of the pension member’s guide [PDF] for more details.

The limits above reflect the total of your current contributions (2% employee standard contribution) plus additional AVCs. For example, if you’re aged 30 to 39 and wish to contribute 20%, this amount would consist of your 2% standard contribution, plus 18% AVC.

In addition, the Irish government applies limits on the total amount a team member can contribute in one year. As a result, those with high percentage AVC rates may see their AVCs stopped late in the calendar year ahead of reaching this cap. A member of our People & Payroll team will contact you if you are approaching your limit for the year.

Changes to AVCs can be made through Workday (or through MyApps). Under Benefits and Pay, select Change Benefits and Enrol or Manage the Pension—Additional Voluntary Contributions benefit. Click Submit when you have completed your selections.

Leaving the scheme

If you choose to stop contributions or you leave Gen, your options depend on when you joined the scheme. You will receive options from Invesco following the payment of your last pension contribution.

If you joined the scheme prior to 1 April 2017, these are your options upon exit.

• More than two years in the scheme: You will retain all contributions.
• Between one and two years in the scheme: You will retain your contributions and 30% of Gen’s contributions.
• Less than one year in the scheme: You will retain your contributions but will lose all of Gen’s contributions.

If you joined the scheme on or after 1 April 2017, these are your options upon exit.

• More than two years in the scheme: You will retain all contributions.
• Less than two years in the scheme: You will retain your contributions but will lose all of Gen’s contributions.

You can leave the scheme by contacting People & Payroll SupportNow.

Resources

Invesco pension member’s guide
Invesco easy steps investment guide
Invesco pension FAQs

Life insurance protects the people most important to you by providing financial security in the event of your natural or accidental death.

All permanent and fixed-term team members are automatically covered for the lump-sum death benefit from date of hire. This benefit through Irish Life is 100% company paid.

In the event of your death whilst employed by Gen, a lump-sum benefit equal to 4 times your gross annual base salary plus the total value of the accumulated retirement benefit fund is payable to your nominated dependants.

If you have queries, contact People & Payroll SupportNow.

Gen provide the opportunity to apply for disability benefits to all permanent and fixed-term team members who are absent from work due to an illness or inability to work for a period in excess of 26 weeks.

The benefit is two-thirds of your basic annual salary less twice the basic state disability benefit payable to a single person.

HR Services will contact you to initiate the claims process when appropriate. Once you and HR Services submit the necessary forms, Irish Life will send you a letter stating whether the disability benefit case is accepted. Once accepted, the benefit will be reflected in your payslip and is subject to the standard taxes (including BIK).

For more information, please review the sickness policy.

The employee stock purchase plan (ESPP) allows you to set aside between 2% and 10% of your compensation through payroll deductions to purchase Gen stock every six months at a price that is at least 15% below the fair market value.

The discounted price is locked in for a 12-month period. Enrollment periods are held twice a year in February and August.

For eligibility requirements and other plan terms, refer to the Stock Administration page on Gen Central.