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),
  • taking a taxable lump sum, and
  • providing for dependants.

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

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

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

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

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

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

The term ‘annuity’ means a series of pension payments, normally monthly, until a particular event occurs…

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