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 Irish Life. Every few years the Scheme is reviewed by Cornmarket. The next review will take place in 2018.

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 Irish Life, 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.

Changes to teachers’ sick leave

The ASTI Salary Protection Scheme has been amended to reflect changes to teachers’ sick leave arrangements which take effect from September 2014. The Salary Protection Scheme will now pay out benefits earlier than before.

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.

2014 review of scheme

The 2014 review of the ASTI Salary Protection Scheme resulted in a 22 per cent decrease in the cost of membership of the scheme.

For full details on the operation of the Scheme including cost of membership, and how to claim contact Cornmarket. Tel: 01-4708078 or log on to the Cornmarket website.

Half price Salary Protection offer for NEW members under age 35!

New entrants under age 35 who apply to join the Salary Protection Scheme for the very first time between 10th August 2015 and 10th December 2015, will pay half price for the first 12 months. ( Other terms & conditions apply).

For full details, please CLICK HERE