Financial Benefits

There are a number of financial offers and benefits available to ASTI members:


Additional Voluntary Contributions

Cornmarket is responsible for the design, marketing and administration of the Teachers Additional Voluntary Contribution (AVC) Scheme. The Scheme provides ASTI members with a way to make additional contributions towards their retirement benefits while cutting their tax bill now.

AVCs are a flexible way to save extra money for your life in retirement. You decide how much you pay and you can stop and start whenever you like. You’ll benefit from tax relief on the amount you pay.

Tax Relief

An AVC allows you to save money for your future and get tax relief right now.*
You can get up to 40% in tax relief if you're paying income tax at 40%. It's 20%, if you’re paying income tax at 20%. Here's how it works:

• €50 AVC contribution

• €20 tax relief at 40%

• €30 net cost - for a €50 investment!

*Revenue limits apply

Retire Early

The State Pension age is currently age 66 and it's increasing to age 67 in 2021, age 68 in 2028. If you'd like to retire earlier than that, an AVC could help you.

Flexible investment

You can stop, restart, increase or decrease your AVC contributions whenever you need to. AVCs are designed to be flexible for you so you can stay in control.

Future income

People are often surprised to hear that their Public Sector pension will only be half of their salary at retirement – that is at most! An AVC can fund extra income for your new life of freedom in retirement.

When to start?

The earlier you start saving for your future the better. Almost 50% of scheme members began their AVC at the age of 35 or younger.

*Source: Cornmarket 2019, based on starting ages of Cornmarket AVC Members who set up a regular premium AVC across seven of our AVC schemes in 2018.

To start an AVC today, call (01) 420 6794 or find more information here. 

Warning: The value of your investment may go down as well as up.
Warning: This product may be affected by changes in currency exchange rates.
Warning: If you invest in this product you may lose some or all of the money you invest.
Warning: If you invest in this product you will not have any access to your money until you receive your Superannuation Benefits.

Cornmarket Group Financial Services Ltd. is regulated by the Central Bank of Ireland. A member of the Irish Life Group Ltd. which is part of the Great-West Lifeco Group of companies.

Irish Life Assurance plc. is regulated by the Central Bank of Ireland.

AVC annual report

ASTI members who are members of the ASTI AVC (additional voluntary contributions) plan should note that, in accordance with pension scheme regulations, a copy of the latest annual report (January 2020) is available for examination by contacting the Honorary Treasurer, Pádraig Murphy, at ASTI Head Office, Tel: 01 604 0160, or email info@asti.ie.

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Benevolent Fund

The ASTI operates a Benevolent Scheme and maintains a fund to finance it. The following are eligible for consideration as beneficiaries:

  • Member who becomes totally incapacitated so that he/she is forced to retire from teaching
  • Illness of member resulting in absence from work for 18 consecutive months
  • Exceptional circumstances (determination at discretion of administrators of fund)
  • Qualifying dependents of deceased members

A committee consisting of the President and Honorary Treasurer of the ASTI and three members elected annually by Annual Convention administers the scheme and fund. Payments of up to €10,000 may be made. For an application form, please contact Elaine McLoughlin on Tel: 01-6040184.

This is an internal ASTI Scheme.

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Car Insurance Scheme

Over 30,000* teachers have chosen the Teachers’ Car Insurance Scheme. The Scheme has a number of benefits and with 2 levels of cover available, economy & select - there’s something to suit everyone.

ASTI members and their partners can join the scheme.

Some of the benefits include:

✔ Comprehensive driving of other cars**
✔ Full no claims bonus protection
✔ Malicious damage cover on school grounds
✔ Breakdown assistance 24/7, 365 days a year***
✔ Windscreen cover
✔ Low excess & much more

T&C’s apply.

Visit cornmarket.ie for exclusive online discounts or call them on (01) 420 0926.

*Source: Cornmarket, November 2019.
**Comprehensive driving of other cars is only available on our comprehensive select policy.
***Breakdown Rescue service is provided by MAPFRE ASISTENCIA Compania de Seguros y Reaseguros SA trading as MAPFRE ASSISTANCE Agency Ireland and MAPFRE WARRANTY is authorised by the Direccion General de Seguros y Fondos de Pensiones del Ministerio de Economia y Hacienda in Spain, and is regulated by the Central Bank of Ireland for conduct of business rules. RSA Insurance Ireland DAC trading as RSA is regulated by the Central Bank of Ireland.

Cornmarket Group Financial Services Ltd. is regulated by the Central Bank of Ireland. A member of the Irish Life Group Ltd. Telephone calls may be recorded for quality control and training purposes.

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Home Insurance

Cornmarket has looked after the financial needs of teachers for nearly 50 years. 

For competitive, great value home insurance with discounts for members of ASTI, buy your policy online at cornmarket.ie or call them on (01) 408 4004.

Some of the benefits include:

● Nationwide emergency home rescue service, 24 hours, 365 days a year*
● Cover for frozen food loss up to €1000
● Cover for personal money up to €650 & credit cards stolen up to €1,300, if stolen from the home
● Accidental damage cover for buildings & contents (optional extra)
● Unspecified all risks cover up to €15,000 (optional)
● Fire Brigade charges up to €2,000

*Home Rescue underwritten and administered by MAPFRE ASISTENCIA Agency Ireland. MAPFRE ASISTENCIA Compania De Seguros Y Reaseguros, S.A., trading as MAPFRE ASSISTANCE Agency Ireland, is authorised by Direccion General de Seguros y Fondos de Pensiones del Ministerio de Economia y Hacienda, Spain, and is regulated by the Central Bank of Ireland for conduct of business rules. Allianz plc is regulated by the Central Bank of Ireland. Aviva Insurance Ireland Designated Activity Company, trading as Aviva, is regulated by the Central Bank of Ireland. A private company limited by shares. Registered in Ireland No. 605769. Registered Office: One Park Place, Hatch Street, Dublin 2, Ireland, D02 E651. Cornmarket Group Financial Services Ltd is regulated by the Central Bank of Ireland. A member of the Irish Life Group Ltd. which is part of the Great-West Lifeco Group of companies. Telephone calls may be recorded for quality control and training purposes. 

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Political Fund

The ASTI operates a political fund. ASTI members who are duly nominated candidates for An tOireachtas, the Governing Bodies and Senates of the Universities or membership of the Assembly of the European Communities may apply to the Fund. The amount of any grant shall be decided by the Standing Committee. Donations from the Political Fund are subject to the Electoral (Amendment) Acts and Guidelines for the General Election to the 32nd Dail, 2016, published by the Standards in Public Office Commission.

Queries to Head Office regarding the Fund should be addressed to the ASTI General Secretary, Thomas MacDonagh House, Winetavern Street, Dublin 8.

This is an internal ASTI Scheme.

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ASTI Salary Protection and Death Scheme

This Scheme is designed to provide you with a replacement income of up to 75% of salary* if you’re ill or injured, and can’t work. It is governed by rules drawn up by Cornmarket and the underwriters.

What you get from salary protection:

Disability Benefit - Up to 75% of your salary*
Salary protection gives you a replacement income of up to 75% of your annual salary – if you can't work due to illness or injury, and your sick pay has reduced to half pay or ceased altogether.
 
Life Cover Benefit
The scheme provides a lump sum of typically twice your annual salary if you die. This can help to pay bills and unexpected costs, at an already difficult time.
 
Specified Illness Benefit
You will receive a once-off lump sum if you are diagnosed with and meet the criteria of one of the 36 specified illnesses listed in the policy document.
 
Income tax relief
You're entitled to income tax relief on the majority of your scheme membership cost.
 
Cornmarket are committed to your claim
They will guide you through the claims process.

Remember, Cornmarket are not automatically notified if you’re absent from work due to illness or injury. If this happens, it's important to contact them as soon as you think your salary will be affected.

To be eligible to claim from salary protection, you must meet the definition of disablement as defined in the policy document. Other terms, conditions and exclusions apply.

Apply to join - call Cornmarket on (01) 420 6759 or read more information on the Scheme & the latest offers.

*Up to 75% less any other income to which you may be entitled e.g. half pay, Ill Health Early Retirement Pension, Temporary Rehabilitation Remuneration, State Illness Benefit. You can claim Disability Benefit when you have used up your employer’s sick leave entitlements and passed the scheme ‘deferred period’. Simply put, that’s the time that must pass before benefit is paid.

Cornmarket Group Financial Services Ltd. is regulated by the Central Bank of Ireland. A member of the Irish Life Group Ltd. which is part of the Great-West Lifeco Group of companies. Telephone calls may be recorded for quality control and training purposes.

The Scheme is underwritten by New Ireland Assurance plc.

New Ireland Assurance Company plc is regulated by the Central Bank of Ireland. A member of Bank of Ireland Group.

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Sickness Benefit Scheme

The ASTI operates a Sickness Benefit Scheme and maintains a fund to finance it. The scheme is administered by a committee of seven members appointed by Convention and directly responsible to Convention. All members of the Association are automatically members of the Sickness Benefit Scheme. Members may claim benefit under this scheme in respect of (a) illness (b) optical and dental treatment, and hearing aids prescribed for the member by a qualified medical practitioner.

(a) Illness:

Payment will be made in respect of illness entailing seven consecutive days absence from school or more, unless the illness occurs during official holidays. Saturday and Sunday may be included in reckoning these seven days. In the case of illness of a member resulting in death, an application for sickness benefit on account of that illness may be considered from the next-of-kin of the member and dealt with at the discretion of the Sickness Benefit Fund Committee.

The Sickness Benefit Scheme does not cover:

(i) Illness occurring within 24 calendar months of first entry in the scheme or subsequent re-entry.
(ii) Accidents or illness resulting from accidents.
(iii) Maternity or pregnancy, or illness arising directly from maternity or pregnancy.

Benefit shall not be paid in respect of:

(i) The same type of illness recurring within a period of three years.
(ii) Expenses recoverable from any other agency such as VHI, BUPA, Social Welfare, etc.

In the case of illness, the maximum benefit shall be an amount equal to the annual ASTI membership subscription plus €50 in any calendar year.

(b) Optical and Dental Treatment, and Hearing Aids:

The benefit payable in respect of expenses for optical and dental treatment and hearing aids prescribed for the member by a qualified medical practitioner is subject to a maximum of €165 as of 1st August, 2007 in any five years. An amount of €15 shall be deducted from the total amount of the claim. No claim for less than €15 will be considered.

How to Claim:

All applications for benefit must be made on the official form that may also be obtained from the School Steward or from Head Office. Receipts from the appropriate medical authority or qualified practitioner must accompany the application for benefit. Claims for benefit must be submitted to ASTI Head Office within six calendar months of termination of illness or treatment.

This is an internal ASTI Scheme.

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Study Grants

ASTI offers a grant of up to a maximum of €1,000 for members pursuing certain diploma, certificate or degree courses in trade union studies. Courses being undertaken must have recognised accreditation. Requests for grants for trade union studies should be addressed to ASTI General Secretary, Thomas MacDonagh House, Winetavern Street, Dublin 8.

This is an internal ASTI Scheme.

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Travel Insurance

Brassington Insurance (now called Buddy) have been providing comprehensive travel insurance to ASTI members for over 10 years.

Premiums for ASTI members for worldwide multi trip cover for an individual are €65, for couples are €80, and for families starting are €120. However, if you have approved private medical insurance, these premiums will each reduce by 30%.

What’s new?

  • A new website and name (but still with over 90 years’ experience from parent company Brassington Insurance)
  • €10 million medical cover (that's an increase of €3.6 million from last year)
  • 24/7 online customer support
  • Travel to pre-booked accommodation in Ireland is now covered
  • A new and improved brand - overly complicated nonsense insurance jargon has been removed
  • Cover available up to 79 years of age

Still included:

  • Over 50 Sport and Activities included in every policy
  • Winter Sports & Scuba Diving included free of charge for ASTI members
  • A 30% discount available if you have Private Medical Health Insurance

Terms & conditions apply and all policy benefits, wordings, etc can be viewed by visiting www.buddy.ie or call (01) 5257900 / (01) 5257901.

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

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VHI Scheme

The ASTI has arranged a VHI Healthcare group scheme on behalf of its members. The scheme offers members:

  • Hassle free payment with salary deduction.
  • Assist from VHI Healthcare – an emergency service in cases of unexpected illness or accident while overseas.

For full details contact the VHI at 1850 211 558 or find more information here. Please quote ASTI Group Scheme Number 22/514.

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

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Visa Card

ASTI AIB Affinity Visa Card

About the card
The ASTI has partnered with AIB to offer you an affinity credit card with a reduced rate, issued exclusively to ASTI members and staff.

Benefits to you:

  • Up to 56 days interest-free credit
  • Special introductory annual interest on purchases & Balance Transfers*
  • Cash advance facility
  • 24/7 customer service for lost, stolen or misused cards
  • Non-AIB customers can apply for an ASTI Credit Card
  • No annual bank fee**
  • Share the benefits with a second card ***

* Rates applicable for the first 12 months from account opening date. After 12 months the interest rate reverts to the monthly rate for purchases applicable to the product at that time.
** Please note all accounts will be charged an annual government stamp duty of €30.
*** You can nominate an additional cardholder who is a family member ( defined as a parent, spouse, partner, sibling or child over 16 years) who normally resides at your address on your ASTI Visa Credit Card Account for free. You'll have all the convenience of two cards with the peace of mind of a single bill.

Application procedure
If you would like to apply for an ASTI AIB Visa Card please contact (01) 6685500.

FAQs

  • Who can apply for the ASTI Credit Card? Members, staff and friends of the organisation may apply for the ASTI AIB Affinity Visa Card. Please note applicants must be over 18 years of age. Terms and conditions apply.
  • Can I apply for the ASTI Credit Card if I don't bank with AIB? Yes you can. Along, with a completed and signed application form, please also bring photographic ID and two original Utility Bills into any AIB Branch where and AIB Staff member will sight the originals and copy them for you.
  • I don't live in Ireland; can I still apply for the ASTI Card? As long as you hold an active Irish Bank account, you can apply for this card where ever in the world you are based.
  • How can I make the application procedure easier? In order to make the application procedure easier, don't forget the following:
    • Completed Application Form
    • If you are NOT already an AIB Account Holder, please understand that to comply with the Criminal Justice Act 1994, AIB is obliged to establish your identity (Passport or Drivers Licence) and permanent address (a household bill or recent bank statement) before you open an account.

Terms and conditions apply. Credit facilities are subject to repayment capacity and financial status and are not available to persons under 18 years of age. Government stamp duty of €30 is charged annually. Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.

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

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Frequently Asked Questions

Find answers to the questions we get asked the most here.

If you still haven’t found the answer to your question, please contact us: info@asti.ie or 01-6040160.