Staff retiring from University College Dublin are buying back just over three-and-a-half years of their pension before retirement.
The news was confirmed by UCD President Hugh Brady in a letter sent to the Oireachtas Public Accounts Committee.
A spokesperson for UCD said it cost a retiring academic 1% of their final year of salary to purchase an additional year of their pension.
The spokesperson said the cost took account of the fact that academics study for many years to build up qualifications, during which time they were not in paid employment.
Sources in the pension industry said the cost charged by UCD was very generous when compared to other rates in the public service, which can reach 23% of final year of salary to buy one year of pension.
