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Benefits payable on retirement

On retirement from a private pension arrangement you will have a number of options available to you. The decisions you take at this point will have a significant bearing on your financial security and that of your dependants. You should consider taking advice when deciding upon your retirement options.

Your options at retirement may include:

  • taking a tax-free lump sum, subject to limits set by Revenue;
  • receiving a pension (sometimes provided by an annuity);
  • transferring some or all of your retirement savings to an Approved Retirement Fund (ARF) or Approved Minimum Retirement Fund (AMRF);
  • taking a taxable lump sum; and
  • providing for dependants.

Normal retirement

Normal retirement age is the age at which you can retire and take your full benefits under an occupational pension scheme...

Early retirement

Most pension arrangements in the private sector permit members to retire early in certain circumstances...

Ill-health retirement

The onset of a permanent illness or disability that prevents you from working would have serious financial consequences...

Late retirement

Most pension arrangements in the private sector permit members to retire after normal retirement age in certain circumstances...

Lump sums

Virtually all pension arrangements allow you to take a tax-free lump sum within certain limits at retirement...

Pensions

The main purpose of pension arrangements is to provide additional income in retirement...

Purchasing an annuity

The term “annuity” means a series of pension payments, normally monthly, until a particular event occurs...

Increases to pensions in payment

Pension increases in retirement are important as they help your pension keep pace with inflation...

Making allowance for dependants

If you have dependants it will be important to ensure that they are protected in the event of your death after retirement...

Annuities with special terms

Sometimes it will be possible to buy annuities with special terms...

Approved (Minimum) Retirement Funds

At retirement you may have the option to transfer some or all of your retirement fund to an AMRF/ARF...

Personalise now and find out more...

There is more information that you could learn about planning for retirement in relation to your specific situation.

But first you'll have to tell us more about yourself.