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Benefits payable on retirement

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. Not all pension arrangements include pensions for dependants.

If you are a member of a defined benefit scheme, depending on the rules of your scheme, no pension may be paid to your dependants, or a proportion of your pension (e.g. 50%) may continue to be paid.

If you buy an annuity at retirement, you will be able to decide whether to incorporate a pension to dependants after your death. It is also possible to incorporate a minimum guaranteed period of payment, so that the annuity continues to be payable for a fixed period, whether you live or die. However, the important thing to remember is that adding dependants' pensions has a cost attached and this means that your own pension income will change, according to the options that you select.

The following table shows annuity payments allowing for different benefit options, based on a fund value of €100,000 and current market annuity rates (January 2016).

PensionMale at 65Female at 65
Basic Annuity€4,600€4,360
Annuity with guaranteed payment for 5 years€4,580€4,340
Annuity with 3% pension increases and guaranteed payment for 5 years€3,080€2,870
Annuity with spouse's pension of 50% of member's pension, 3% pension increases andguaranteed payment for 5 years€2,590€2,680

These figures are given for the purpose of illustration only. Although they are based on annuity rates actually available in January 2016, there is absolutely no guarantee that similar rates would be available in the event of an actual purchase in the future.