member guide non-iass - daa defined contribution retirement guide

daa Defined Contribution Retirement Savings Scheme

May 2016

Member Guide

For Employees who were hired by daa, DASL, ASC or daa International on or after 1st January 2015 and current employees who joined service before 1st January 2015 and who were not members of the Irish Airlines (General Employees) Superannuation Scheme (IASS)

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Member Guide

Contents

About this guide ......................................................2Introduction to the DC Scheme ................................4Your membership of the DC Scheme .......................5Your contributions ....................................................6Additional Voluntary Contributions ...........................9Your retirement benefits ......................................... 11Your death-in-service benefits ................................ 13Your investments ................................................... 14Leaving the service of the Employer ....................... 15Temporary absence ............................................... 16General information ............................................... 17Who’s who? ........................................................... 19Glossary ................................................................20

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About this guide

This guide provides you with a summary of the key features of the daa Defined Contribution Retirement Savings Scheme (the DC Scheme).

Other more official documents, such as the Trust Deed and Rules, give legal backing to your entitlements and these can be viewed by requesting copies via the iHR Portal on iConnect or free phoning 1800 804 313 externally, or internally on extension 46200. If there is a difference between this guide and the provisions of the Trust Deed and Rules, then the provisions of the Deed and Rules will apply.

You should familiarise yourself with the main provisions of the DC Scheme and keep this booklet in a safe place for future reference. If you have any queries about your benefits, or need clarification at any point, please contact the DC Scheme Administrator, Invesco Limited, 2 Sandyford Business Centre, Burtonhall Road, Sandyford, Dublin 18 (telephone 01 2947 600).

This guide contains a lot of information, therefore we have tried to make it as easy to understand as possible, but inevitably we have had to use some technical terms. These are explained in the glossary, which can be found on page 20.

http://www.invescoonline.ie

Member Guide

A better way to save

A Retirement Savings Account is simply a way of putting money aside for income in retirement, and for the majority of us it’s regarded as the best way to save for life after work. The state pension alone may not be sufficient to meet your financial needs in your retirement.

The DC Scheme has some key benefits, over and above other forms of saving, including:

The DC Scheme attracts tax savings. For example, on retirement you are entitled to a tax-free lump sum. There is tax relief on your own contributions, subject to Revenue limits, which is granted at source through payroll.

Your Employer will make higher contributions than the amount you pay. You are not subject to tax on the Employer’s contributions paid on your behalf.

Your retirement benefits secured from your savings with the DC Scheme are in addition to any state pension to which you may be entitled.

The information in this guide is based on the Trustee’s understanding of tax and pension legislation in force at the time of publication. If any significant changes occur in the future, an updated guide will be made available to you.

Note: Figures quoted are valid as of the date of preparing this guide.

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4


Introduction to the DC Scheme

The DC Scheme helps to provide for you and your Dependants when you retire.

The DC Scheme is a defined contribution plan. This means that when you retire, your benefits will be based on the funds accumulated in your Retirement Savings Account. These funds are made up of the Employer contributions made on your behalf and your own contributions to the DC Scheme, together with any net investment returns (i.e. after investment expenses and any other expenses deducted by the Trustee in accordance with the Trust Deed and Rules). Your Employer pays the day-to-day costs associated with administering the DC Scheme.

When you retire you may use your Retirement Savings Account to buy an income for life or you may decide to take a tax-free lump sum and buy a reduced pension. If you wish, you may purchase an income for life that offers regular increases to help offset the effects of inflation and/or one that provides your spouse, Civil Partner or other Dependants with an income for life when you die.

your contributions

your retirement

savingsselected

investment

buys the benefit of your choice when you retire

for lifetax-free

lump suma spouse’s/

civil partner’san approved retirement

fundpension

increases

employer contributions

pensionan income

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Member Guide

Your membership of the DC Scheme

Who is eligible to join the DC Scheme?This Member Guide applies only to employees who are hired by the Employer on or after 1st January 2015 or current employees who were employed before that date who were not members of the Irish Airlines (General Employees) Superannuation Scheme (“IASS”) at 1st January 2015. A separate guide applies to other Eligible Employees. All Eligible Employees are eligible to become members of the DC Scheme. (Please refer to the Glossary section at the back of the guide for an explanation of “Eligible Employees”).

How do I apply for membership?Membership of the DC Scheme is a condition of employment for all new employees hired on or after 1st January 2015 who have completed one year’s continuous service.

Membership of the DC Scheme is not a condition of employment for employees who were hired before 1st January 2015 and who are not members of the IASS.

Once you qualify as an Eligible Employee you will be notified by HR and an Application Form will be made available to you. If you are an existing employee with one year’s continuous service on 1st January 2015, your membership of the DC Scheme will begin on the first day of the next available pay period after you return your completed Application Form.

If you are a new employee of the Employer hired on or after 1st January 2015, your membership of the DC Scheme will begin on the first day of the next pay period immediately after you have completed one year’s continuous service.

Are there conditions applying to membership?You will be asked to provide evidence of your date of birth. In addition to your birth certificate, married members or members in a civil partnership may need to produce their marriage certificate/evidence of their civil partnership or their Spouse’s/Civil Partner’s birth certificate.

Note: If you are a current employee of the Employer and you are paying contributions to a PRSA and the Employer is also paying contributions to a PRSA on your behalf, please note that both your own contributions and the contributions made by the Employer will cease once/if you become a member of the DC Scheme.

Important Note: for employees who commenced service before 1st January 2015 If you choose to join the DC Scheme, and subsequently wish to opt out of the DC Scheme, you must sign a Waiver of Membership Form which is available from iHR. You should bear in mind that if you opt out you will not be included in the DC Scheme and the Employer will not be making contributions to the DC Scheme on your behalf. You will not be eligible to join the DC Scheme again at a later date unless the Employer and the Trustee agree.

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Your contributions

How much do I contribute to my Retirement Savings Account?

The amount of contributions that you make to the DC Scheme is a matter of choice – see below. The amount of contributions the Employer makes to the DC Scheme on your behalf will be dependent on the amount of contributions you choose to make.

Opting out of the DC Scheme

If you are a current employee who joined the service of the Employer before 1st January 2015 and you were not a member of the IASS, membership of the DC Scheme is not a condition of your employment and you may choose to opt out of the plan if you wish. However, as membership of the DC Scheme is potentially an important part of your benefits package, you should consider the following before opting out of the plan:

Make sure you fully understand how the DC Scheme works and the potential benefits available to you at retirement as a member

Consider talking to a financial advisor

If you wish to opt out of the DC Scheme please read the important note above, and if you still wish to opt out, please complete a Waiver of Membership Form (available from iHR) and send it to daa Shared Services, daa plc, PO Box 628, Co. Clare. Whatever you do, don’t rush into anything. If you are a current employee who joined the service of the Employer on or after 1st January 2015, membership of the DC Scheme is a condition of your employment and it is not therefore possible to opt out of the plan.

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Member Guide

Your contribution (% of salary)

Employer contribution (% of salary)

Total contributions to your Retirement Savings Account

(% of salary)

5% 7% 12%

6% 8% 14%

7% 9% 16%

8% 10% 18%

Retirement Savings AccountAs a member of the DC Scheme you are required to pay a minimum contribution of 5% of your Salary but you may choose to pay a higher contribution rate of 6%, 7% or 8% of your Salary. The more you contribute to your Retirement Savings Account then the more the Employer will contribute on your behalf, subject to a maximum Employer contribution of 10%. Your contribution will be set at the default rate of 5% of Salary unless you notify the Employer that you choose to contribute at one of the higher rates.

What does the Employer contribute on my behalf?

If you contribute at 5% of your Salary, the Employer pays a contribution to your Retirement Savings Account of 7% of your Salary or if you have chosen to pay a higher contribution rate of 6%, 7% or 8% of your Salary, then the Employer will pay a contribution to your Retirement Savings Account as set out in the contribution table below. The Employer contribution will be set at the default rate of 7% of Salary unless you notify the Employer that you choose to contribute at one of the higher rates than 5% of Salary.

Have a look at the contribution table below:

Note: If you earn a full time basic salary of €40,000 or less the minimum contribution which the Employer will make on your behalf will be 8% of your Salary provided that you are paying a contribution to the DC Scheme of 5% of your Salary. You will be notified by the Employer if you are eligible for this higher contribution rate. If you wish to make a higher contribution of 6%, 7% or 8% then the Employer contribution will be as set out in the contribution table above.

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Can I change the rate at which I make contributions to the DC Scheme?

You will have two opportunities to change the rate at which you make contributions to the DC Scheme during each Scheme Year, once at the start of the Scheme Year and another opportunity at mid Scheme Year. You will be notified of the dates when you may change the rate at which you contribute to the DC Scheme.

Can I contribute at more than 8%?

Yes, subject to not breaching Revenue limits – see page 9 for more details.

What about tax relief?Subject to Revenue limits, any contribution you make will be eligible for full tax relief at your marginal income tax rate. As your contributions will be deducted directly from your pay before tax, tax relief will be automatic. The example below illustrates how tax relief is applied to employee contributions (2016):

Salary €20k €30k €50k

Gross pension contribution of 5% p.a. of Salary (assumed) €1,000 €1,500 €2,500

Assumed marginal income tax rate 20% Rate 20% Rate 40% Rate

Less Income Tax Relief €200 €300 €1,000

Net Contribution p.a. €800 €1,200 €1,500

Actual cost to you as a percentage of Salary 4% 4% 3%

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Member Guide

Additional Voluntary Contributions (AVCs)

The maximum Employer contribution of 10% of Salary is payable if you choose to contribute at the rate of 8% of your Salary. If you wish, you may contribute more than 8% of your Salary and any excess over 8% of your Salary will be called an Additional Voluntary Contribution (AVC). You may increase your Retirement Savings Account by paying AVCs. On retirement, you may take all or part of your AVCs as a tax-free lump sum (up to the Revenue maximum, which is inclusive of the tax-free cash sum you may decide to take under the DC Scheme). Any AVCs not used to maximise your tax-free lump sum may be used to purchase an additional pension, or to invest in an Approved Retirement Fund.

What about tax relief?Tax relief is available on personal contributions made to Revenue approved retirement schemes. For 2016, the maximum amount of net relevant earnings/remuneration on which tax relief can be claimed is €115,000.

The maximum contribution rate – including both AVCs and ordinary employee contributions – on which you can receive tax relief is determined by your age in the tax year as follows:

These limits apply only to employee pension contributions. Employer pension contributions are paid in addition.

Age Maximum Contribution (% of Taxable Earnings)

Maximum Contribution in 2016 (using earnings cap of €115,000)

Up to 30 years 15% €17,250

30 to 39 years 20% €23,000

40 to 49 years 25% €28,750

50 to 54 years 30% €34,500

55 to 59 years 35% €40,250

60 years or over 40% €46,000

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What are the main advantages of making AVCs?The main advantages of making AVCs include:

A tax-efficient long-term savings vehicle Tax relief on contributions, subject to Revenue limits Additional benefits at retirement

Note: you cannot borrow back any of your contributions or use them as collateral for a loan.

How are my AVCs invested?Your AVCs will be invested in your Retirement Savings Account. You will receive a statement each year showing the value of your contributions at that time, and the projected benefits at retirement arising from your AVCs.

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Member Guide

Your retirement benefits

When do I retire?In normal circumstances, you will retire on your Normal Retirement Date.

Your Normal Retirement Date in the DC Scheme is the first anniversary of when you joined the DC Scheme following your 65th birthday unless otherwise determined by the Employer.

What benefits are available at retirement?On retirement, under current pension regulations, you can decide to use the accumulated value of your Retirement Savings Account to provide one or more of the benefits set out below:

1. An Income for Life?

You can purchase a personal pension (annuity) from an insurance company. This would be paid to you in monthly instalments and will continue for as long as you live.

You have the option of purchasing a pension that will be guaranteed to be payable for a minimum period of five to ten years, irrespective of whether or not you live for that period.

2. An Income for Life for your Spouse/Civil Partner/Dependant

In addition to a personal pension you can provide a pension for your spouse, Civil Partner or for another Dependant. This pension would normally commence immediately after your death and be paid for the lifetime of your spouse, Civil Partner or other Dependant.

How much will either of these pensions be?

The amount of any personal pension, or of any Dependants’ pensions, will depend on:

The value of your Retirement Savings Account The type of pension you decide on Market annuity rates at the time of your retirement

Market annuity rates tend to fluctuate in line with changes in interest rates.

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How will these pensions be secured?

Should you opt for a personal pension and/or a pension for your Spouse/Civil Partner/Dependant, the Trustee will secure all such pensions by buying an appropriate annuity from an insurance company.

3. A Tax-Free Lump Sum

You have the option of taking a tax-free lump sum when you retire, subject to the limits set by the Revenue Commissioners.

4. Approved Retirement Fund (ARF) Options

You may also invest some or all of your Retirement Savings Account in an Approved Retirement Fund (ARF for short) or in an Approved Minimum Retirement Fund (AMRF for short) on retirement in addition to, or instead of, buying a personal pension. An ARF or AMRF is an investment fund in which you can continue to invest your Retirement Savings Account after retirement and draw monies from that fund as you require them.

ARF options are currently subject to fulfilling certain qualifying conditions such as having a guaranteed minimum pension income for life. Full details of your retirement options will be provided to you as you near retirement and are available at any time on request from Invesco, the DC Scheme Administrator.

What benefits will I receive from the state?At present, subject to you meeting certain qualifying conditions, you will be entitled to a state pension in addition to your IASS pension and to the pension benefits from the DC Scheme.

The Social Welfare and Pensions Act 2011 made a number of changes to the qualifying age for State pensions. With effect from 1st January 2014 the State pension is payable from age 66, and:

If you were born on or after 1st January 1955 the minimum qualifying State pension age will be 67

If you were born on or after 1st January 1961 the minimum qualifying State pension age will be 68

The maximum standard rate of the State Pension payable to an individual in the year 2016 is currently €12,131.60

An additional supplement in respect of your Dependants may also be payable. Further details regarding this and other Social Welfare benefits are to be found at www.welfare.ie.

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Member Guide

Your death-in-service benefits

What happens to my Retirement Savings Account if I die in service before Normal Retirement Date?

Cash SumIf you die while working for the Employer before your Normal Retirement Date, a cash sum is available from the DC Scheme to provide benefits for your Beneficiaries.

The amount available is the value of your Retirement Savings Account.

How to nominate Beneficiaries?It is the responsibility of the Trustee to use this amount to make provision for your Beneficiaries or to pay the amount to your estate. You can advise the Trustee of how you would wish the above amount to be paid by completing a Wishes Form, which is available through the iHR Portal, your online account, or on request from Invesco, the DC Scheme Administrator, who will in turn pass it on to the Trustee for safekeeping. Though legally your wishes cannot be binding on the Trustee, the Trustee will take them into account.

The Employer also provides a lump sum to your Dependants in the event that you die in service. This is under a separate trust and is secured through an insurance policy. Further details in respect of this can be obtained from iHR.

Tax and Revenue limitsDeath benefits paid in lump sum form are not subject to income tax but, under current legislation, benefits paid directly to a Beneficiary other than a spouse or Civil Partner may be liable to Inheritance Tax.

The amount that can be paid on death-in-service as a lump sum is subject to a maximum imposed by the Revenue Commissioners. Currently, this is four times Final Remuneration, plus a refund of the value of the member’s contributions with interest. Any amount in excess of this limit must be paid in pension form to Dependants.

Pensions for Dependants are also subject to maximum limits imposed by the Revenue Commissioners.

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Your investments

Contributions paid into your Retirement Savings Account will be invested in funds chosen by you from a range of funds nominated by the Trustee. More information about your investment options can be found in the Investment Guide which is available on iConnect, through iHR on freephone 1800 804 313, or from Invesco, the DC Scheme Administrator.

DisclaimerWhile the Trustee has taken great care in the selection of the investment options, it cannot accept responsibility for any loss that may be incurred as a result of poor performance of any fund. The Trustee monitors fund returns on a regular basis and, if the circumstances justify, may switch both existing assets and new contributions to a new investment manager. If such a change is made you will, of course, be notified. The trust deed and the rules governing the DC Scheme include the usual provision that the Trustee is not liable for any loss that may be incurred due to poor investment returns as a result of investments made by the Trustee or as a result of your directions.

Keeping up to dateEach year you will receive a benefit statement from the DC Scheme Administrator showing how much you have contributed to your Retirement Savings Account, how much the Employer has contributed on your behalf and how much your Retirement Savings Account is worth.

It is also a good idea to regularly review your arrangements and, if your circumstances change, to consider whether or not you need to change the amount of your AVCs or the investment of your Retirement Savings Account. You should also make sure that your Wishes Form (relating to death benefits) is kept up-to-date.

Financial adviceNeither the Trustee nor the DC Scheme administrator is in a position to provide financial advice but if you would like independent financial advice on your pension, you can get details of advisers from:

The Central Bank of Ireland (http://registers.centralbank.ie/DownloadsPage.aspx)

The Irish Brokers Association (www.iba.ie)

http://registers.centralbank.ie/DownloadsPage.aspx

http://www.iba.ie

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Member Guide

Leaving the service of the Employer

What happens if I leave the service of the Employer before Normal Retirement Date?Your benefits on leaving the service of the Employer are governed by the Rules of the DC Scheme and the preservation requirements of the Pensions Act, 1990, (as amended). Your options on leaving will depend on whether or not you have more than two years’ Qualifying Service.

Qualifying Service means service completed as a member who is included for retirement benefits:

In the DC Scheme In another Employer pension plan In another pension plan of an employer other than the Employer from which

an amount has been transferred into the DC Scheme on your behalf

It will exclude any service that you have been notified will not count towards retirement benefits.

What are my Benefits on leaving service?If you have less than two years’ Qualifying Service completed

You will receive a refund of the value of your own contributions (i.e. not including any Employer contributions) less tax after three months from the date on which you leave service, unless you elect within three months of leaving service to transfer the value of your own contributions to a new employer’s plan or to a Revenue approved pension arrangement in your own name.

If you have more than two years’ Qualifying Service completed

You may leave your Retirement Savings Account invested in the DC Scheme, or

You may transfer the value of your Retirement Account to a new employer’s pension plan or to a Revenue approved pension plan in your own name. Should you take this option, you may also be required to transfer your accrued benefits from the IASS (and the ARSSS where applicable).Your transfer value from the IASS is likely to reflect the funding position of that Scheme. You should discuss your options with the DC Scheme Administrator.

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When can I take a cash refund?Under the Pensions Act, 1990, you may only receive a refund of the value of your own contributions if you leave having completed less than two years’ Qualifying Service.

Tax is deducted from all refunds, currently at a rate of 20%.

Transfers by the TrusteeThe Trustee may transfer your entitlement under the DC Scheme to another plan of the Employer, or to a Revenue approved policy or contract of assurance, without your consent in certain circumstances, for example where more than two years have elapsed since you left the employment of the Employer and your entitlements are below a certain statutory limit. You will be notified if the Trustee intends to make such a transfer.

Temporary Absence

What happens to my contributions if I am temporarily absent from the service of the Employer?

If you are on statutory minimum maternity leave (currently 26 weeks), or adoptive leave (currently 24 weeks), you will continue to be a member of the DC Scheme. If you are paid by the Employer during this period you will be required to contribute to the DC Scheme and the Employer will be contributing to the DC Scheme on your behalf. In each case, contributions will be adjusted if necessary to reflect the salary actually received during this period if this figure is lower than your normal salary.

If, with the Employer’s permission, you are on any form of unpaid leave while a member of the DC Scheme, then you will not be required to contribute to the DC Scheme and the Employer will not be contributing to the DC Scheme on your behalf during this period.

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Member Guide

General information

TaxationOn retirement, pensions are treated as earnings for tax purposes and are, therefore, subject to tax and other statutory deductions in the same way as salary payments. Cash sums taken instead of pension and lump sum death benefits are normally free of income tax up to the applicable Revenue limits.

Your contributions to the DC Scheme qualify for tax relief subject to the Revenue limits.

Assignment of benefitsYou may not use your DC Scheme benefits as security for a loan nor may you assign them to a third party.

Relevant legislationThe DC Scheme is approved by the Revenue Commissioners (Reference Number: SF 72023) as an exempt approved plan under Chapter 1 of Part 30 of the Taxes Consolidation Act, 1997, and the DC Scheme must at all times be operated in compliance with that legislation. The DC Scheme is established under irrevocable trusts and its assets are entirely separate from those of the Employer. All benefits under the DC Scheme are funded by member and Employer contributions.

The DC Scheme must also comply with the requirements of the Pensions Act, 1990, (as amended). It has been registered with the Pensions Authority (Registration Number: PB 282878) and is a defined contribution plan for the purpose of the Pensions Act, 1990.

Your retirement and death benefits could be subject to a Pension Adjustment Order in the event of judicial separation, divorce or dissolution in the case of civil partnership. These orders are secured under the Family Law Act, 1995, the Family Law (Divorce) Act, 1996, and the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010. Further information about the operation and impact of Pension Adjustment Orders may be obtained from the Pensions Authority.

Amendments and TerminationThe Employer has reserved certain rights under the Trust Deed and Rules as is common in DC Schemes of this type. These include the right to terminate contributions to the DC Scheme. This action would usually result in the DC Scheme being wound up by the Trustee and benefits being secured in accordance with the Rules and the Pensions Act, 1990.

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The Employer, after consultation with the Trustee and subject to the consent of the Minister for Transport, Tourism and Sport and the Minister for Public Expenditure and Reform has reserved the right to amend the DC Scheme at any time and there are no significant conditions on exercising the amendment power.

In accordance with the requirements of the Pensions Act, 1990, the Trustee will notify you in the event of amendment or termination of the DC Scheme.

Dispute Resolution Procedure

The Trustee has established an Internal Disputes Resolution Procedure in accordance with the requirements of Article 5 (1) of the Pensions Ombudsman Regulations, 2003, for dealing with complaints and disputes. Under the terms of this procedure, if you are a Beneficiary or prospective Beneficiary under the DC Scheme and you have a complaint about financial loss caused by maladministration, or a dispute of fact or law in relation to any act done by or on behalf of the persons responsible for administering the DC Scheme, then you can make an application to the Trustee for a determination in relation to the complaint or dispute. The application can be given to Invesco the DC Scheme Administrator, who will pass it on to the Trustee. This application should include your name, date of birth, address, a statement of the nature of the complaint and a detailed explanation of why you are aggrieved. The Trustee may seek further information that it considers relevant.

The Trustee will consider the matter and issue a written determination. Depending on the nature and complexity of the matter under consideration, the Trustee may take up to but no longer than three months to issue its determination after all the necessary information has been received. A determination is not binding unless you so agree in writing.

If you are not satisfied with the determination, you can refer the complaint or dispute to the Pensions Ombudsman. There is an initial form that should be used and this can be obtained from The Office of the Pensions Ombudsman, 36 Upper Mount Street, Dublin 2 (01) 647 1650 ([email protected]). If at any time you require further information you can refer to an information booklet produced by the Office of the Pensions Ombudsman which is available at the above address.

Standard Fund Threshold

Since 7th December 2005, there has been a statutory limit on the capital value of pension benefits that any person can draw down from tax relieved pension products. The limit in 2016 is €2,000,000. If, on retirement, your Retirement Account and the value of your benefits from the IASS and any other pension benefits you may have, is greater than this amount, a higher rate of tax is charged on the excess.

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Member Guide

Who’s who

Employers daa plc daa Airport Services Limited ASC Airport Services Consolidated Limited daa International Limited

Trustee daa Pension Corporate Trustee Limited

Auditor Deloitte Ireland

Scheme Administrator Invesco Limited 2 Sandyford Business Centre Burtonhall Road, Sandyford, Dublin 18 T +353 1 294 7600 E [email protected] W www.invescoonline.ie

For further information Richard Kelly, Pensions Manager Human Resources Head Office, Dublin Airport, Ireland

Pensions Authority Verschoyle House Lower Mount Street Dublin 2 PB 282878

Pensions Ombudsman 36 Upper Mount Street Dublin 2

mailto:info%40invesco.ie?subject=

http://www.invescoonline.ie

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AMRFApproved Minimum Retirement Fund.

AnnuityAn annuity is a life assurance product which, beginning at your retirement, pays you a guaranteed income for the rest of your life.

ARFApproved Retirement Fund.

AVCsAdditional Voluntary Contributions.

BeneficiariesIncluding the following:

> any persons who, in the opinion of the Trustee, are or were wholly or partly financially dependent upon you, or whose maintenance or support you had undertaken or contributed towards or any person who had undertaken or contributed towards your maintenance

> your spouse (including a former spouse), your Civil Partner (including a former Civil Partner) and your siblings and other relatives and those of your spouse or Civil Partner

> any person you have included in your Wishes Form

> any person entitled to a benefit under your Will or on intestacy.

Civil PartnerMeans either of two persons of the same sex who are parties to a civil partnership which has been registered in Ireland or is recognised as a

foreign civil partnership.

Commencement Date1st January 2015.

DC Schemedaa Defined Contribution Retirement Savings Scheme.

DependantsIncluding any of the following:

> any person who, in the opinion of the Trustee, is or was at the time of your death financially dependent on you

> your spouse or Civil Partner.

Eligible EmployeeAn employee of the Employer who was an active member of the IASS immediately prior to 1st January 2015, an employee of the Employer who is not a member of any other pension arrangement of the Employer (subject to completing one year’s continuous service as an employee) and deferred members of the IASS who invest their IASS related once off lump sum in the DC Scheme. The decision of the Employer as to whether or not you are an Eligible Employee will be final.

EmployerMeans any of the following:(i) daa plc(ii) ASC Airport Services Consolidated Limited(iii) DASL (DAA Airport Services Limited)(iv) daa International Limited.

Final RemunerationMeans the highest definition of earnings

that the Revenue Commissioners have decided may be taken into account.

IASSThe Irish Airlines (General Employees) Superannuation Scheme.

Normal Retirement DateThe first anniversary of when you joined the DC Scheme following your 65th birthday.

Retirement Savings Account

Means the accumulated value, taking into account investment returns/losses and any deductions in respect of fees, charges, taxes or levies that the Trustee, the Member or the DC Scheme is liable for, of:

> the contributions paid by the Employer on your behalf towards retirement benefits

> the Employee and Additional Voluntary Contributions that you pay, and

> any amounts transferred to the DC Scheme from a previous pension plan of which you were a member.

Your retirement benefits will depend on the value of your Retirement Savings Account at the time the account is applied to purchase benefits.

SalaryFor pension purposes means as follows:

> your basic annual salary earned from time to time as decided by the Employer or approved by the Employer (excluding bonus, overtime,

commissions, gratuity, special fees, travelling allowances, subsistence allowances or other variable elements of pay unless the Employer notifies you and the Trustee in writing that any variable elements of pay will be included in your Salary). Your Salary for pension contribution purposes will be fixed at the Commencement Date and will not increase for five years from the Commencement Date;

> Your shift payments if applicable (your shift payments will not be fixed at the Commencement Date and therefore will not be frozen for a period of five years).

Scheme YearMeans the year beginning on the Scheme Review Date, 1st January each year, and ending on the day before the next Scheme Review Date.

TrusteeThe Trustee of the DC Scheme is daa Pension Corporate Trustee Limited.

Trust Deed and RulesOccupational pension plans are set up under trust. The Trust Deed and Rules governs how the DC Scheme is managed. In the event of any conflict the provisions of the Trust Deed and Rules prevail over any contrary provision in this guide and any other announcements relating to the DC Scheme.

Glossary

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Member Guide

member guide non-iass - daa defined contribution retirement guide

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