ASTI > ASTI Membership > Services and Benefits > Finances > Salary Protection (PHI) and Death Scheme

This is a private disability and death benefit insurance preferential scheme for ASTI members. It is governed by rules drawn up by Cornmarket and the underwriters. The Scheme is administered by Cornmarket and currently underwritten by Eagle Star. Every few years the Scheme is reviewed by Cornmarket.

1) Disability benefit:

Once a member has been unable to work due to disability for a total of 52 weeks in any period of 4 consecutive years after the date of entry to the Scheme, a benefit of 75% of predisability salary less Early Retirement Pension (ERP) entitlement is paid. Where a member is not in receipt of ERP, an amount equivalent to 75% of pre-disability is paid out (benefit will be paid at this level for up to 2 years).

Definition of Disability:

Disability means that the member is totally unable to engage in his/her duties as a teacher by reason of illness or injury and is not following any other occupation, for remuneration, profit or reward.

Benefit is paid until the member is deemed fit to return to work by Eagle Star, recovery, death, or the attainment of ceasing age, currently the member’s 60th birthday.

Increase in benefit while claim is being paid

Once a claim is in payment, the benefit paid will increase each year by an amount equal to the rate of increase in the Consumer Price Index for the preceding 12 months subject to a maximum of 5% per annum compound.

2) Death benefit:

Two times gross annual salary at the date of death is payable to the estate of deceased members. Periodically members have been offered a ‘top up’ of up to an additional 2 times gross annual salary.

Tax relief on members’ contributions

Tax relief is available on that part of the member’s contribution going towards the Disability Benefit. There is no relief for the Death Benefit contribution,though benefits remain tax-free. The cost of membership is typically less than €15 a week.

For full details on the operation of the Scheme including cost of membership, and how to claim contact Cornmarket. Tel: 01-4084166 or log on to www.cornmarket.ie/asti_salary_protection_scheme.htm

This is not an ASTI Scheme. The ASTI advises all members to seek full details on any financial scheme they may be considering.