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PRSA Options

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Retirement Lump Sum

With a PRSA 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?

NO”

YES”

Buy a pension for life

Buy a pension for life

Or

Or

Leave up to €63,500 in your vested PRSA as a restricted fund or buy an annuity with that amount. You can then leave the rest of your fund in the vested PRSA & take withdrawals as you want until age 75.

Leave the fund in your vested PRSA as an ARF (taking withdrawals as you want) until age 75.

Or

Or

Invest the first €63,500 in an AMRF or buy an annuity with that amount. You can then invest the rest in a separate ARF & take withdrawals as you want.

Invest in an ARF
(taking withdrawals as you want)

Or

Or

Leave €63,500 in your vested PRSA as a restricted fund, invest that amount in an AMRF or use buy an annuity. You can then take the rest of your fund as taxable cash.

Take as a taxable lump 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 a vested PRSA, ARF or AMRF.

You will have no access to your vested PRSA after age 75. Your pension provider will be required to deduct income tax and USC from your vested PRSA as if you had taken a minimum withdrawal, however no further payments can be made to you.

These limits may change in the future.

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