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New Pension Scheme for Stable Employees

Thursday, 21st September, 2017 2:10pm
New Pension Scheme for Stable Employees


Trainers and stable staff are being encouraged to attend a series of roadshows which will illustrate the details of a new stable staff pension scheme, aimed to provide a meaningful benefit at retirement for long serving employees.
The roadshows will highlight the provisions of the new defined contribution pension scheme that has been developed by a committee comprising representatives of Horse Racing Ireland, the Turf Club, Irish Racehorse Trainers’ Association and the Irish Stablestaff Association.
There are six initial membership roadshows scheduled for the next three weeks: Newbridge (September 27), Newry (September 28), Carlow (October 2), Cork (October 4), Meath (October 5) and Tipperary (October 9).
The new defined contribution pension scheme will continue to be funded by the proportion of prize-money deducted from trainers. Staff benefiting from the scheme do not have to make a contribution. 
Margaret Davin, Chairperson of the Committee of Management of the Stable Employees Defined Contribution Pension Scheme, said: “Although it seems as if this scheme is a long time coming, it has been a complex process and the Committee of Management is confident that it will be a positive step forward for both trainers and stable staff. We would encourage as many as possible to attend the roadshows to get an understanding of the scheme.”
All trainers with eligible staff will need to sign a deed of adherence and an information pack will be sent to trainers containing details of their obligations.  Eligibility for the scheme will depend on length of service as well as verified taxable earnings.
Separate provision will be made for employees of Northern Ireland trainers who meet the eligibility criteria.
Irish life has been appointed as scheme administrators, Independent Trustee Limited as trustees and Moore Stephens McNamara Accountants as auditors.
Further information can be obtained by contacting the Committee of Management c/o the Turf Club, Tel: 045 445600.

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