Retirement Lump Sum
With a personal pension you can take a retirement lump sum of up to 25% of your fund.
The Rest Of Your Fund
If you have no other pension benefits and the total value of all your pension benefits, after taking your retirement lump sum payment, is less than €20,000, you may be eligible to take the balance of your fund as a once-off taxable payment. This is called the Trivial Option. For more information regarding this option, please speak to your financial adviser. The other options available to you depend on whether you have a guaranteed pension income for life of at least €12,700 a year.
Will you have a guaranteed pension income for life of €12,700 when you retire?
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“NO” |
“YES” |
|---|---|
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Buy a pension for life |
Buy a pension for life |
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Or |
Or |
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Invest the first €63,500 in an AMRF or use to buy a pension for life and invest the rest in an ARF, taking withdrawals as you want |
Invest in an ARF |
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Or |
Or |
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Invest the first €63,500 in an AMRF or use to buy a pension for life and take the rest as taxable cash |
Take as a taxable cash sum |
You will have to pay income tax at your highest rate, USC, PRSI (if applicable) and any taxes or government levies on any pension income you receive or withdrawals from an ARF or AMRF.
These limits may change in the future.
Free E-Book
This e-book contains 40 pages of key information regarding your pension options. We explain the advantages and disadvantages of each option, taxation in retirement and how to work with Revenue on what tax credits and reliefs you can get.