Local Government Superannuation Scheme (LGSS)

The Local Government Superannuation Scheme (LGSS) applies to pensionable staff employed by local authorities, health service executives and a number of statutory bodies.

The LGSS is a defined benefit scheme.  Generally speaking, retirement benefits comprise a tax free lump sum and a taxable pension. 

Class D PRSI - Lump sum and pension accrue at the rate of 3/80th's and 1/80th respectively of pensionable pay for each year of service subject to a maximum reckonable service of 40 years.  This means that the maximum lump sum is one and a half times pensionable pay while maximum pension is half of pensionable pay after 40 years service.

Class A PRSI -  In the case of employees who are fully insured, the accrual rate for lump sum is 3/80th's of pensionable pay for each year of service and pension accrues as follows:-
- for pensionable pay up to 3.33333 times the rate of social welfare contributory state pension (€230.30 from January 2009), the accrual is 1/200th of pensionable pay for each year of service and
- for pensionable pay in the excess of 3.33333 times the rate of social welfare contributory state pension (€230.30 from January 2009) the accrual is 1/80th of pensionable pay for each year of service.

LGSS is contributory on the part of employees.  With effect from 1986, members pay a contribution of 5% of gross pensionable pay in respect of superannuation and a further 1.5% towards the Spouses' & Childrens' Scheme  For A Class PRSI employees the contribution is calculated at 1.5% of pensionable pay and 3.5% of net pensionable pay (pensionable pay less twice the rate of state pension - (€230.30 from January,2009) plus a further 1.5% pensionable pay in respect of Spouses' & Children's Scheme.

The Local Government Superannuation Scheme is financed on a pay-as-you-go basis which means that benefits are not pre-funded but are paid as they arise from the employing authorities' revenue.

Laois County Council Employees are members of the Local Government (Superannuation) (Consolidation) Scheme 1998 - 2007.

Enquiries
Geraldine Campion (057) 8664060
E-mail: gcampion@laoiscoco.ie