Retirement Options

When you can retire

When and how you enjoy your retirement depends on the type of plan you have.

Personal pension or PRSA

If you have a personal pension plan or Personal Retirement Savings Account (PRSA), you can take your retirement benefits at any age between 60 and 75. A PRSA is a long-term plan which lets you save for retirement in a flexible way. You don't have to retire and stop working to start getting your pension payments.

Company pension or PRB

If you are a member of a company pension plan or have a Personal Retirement Bond (PRB), you can take your retirement benefits at your normal retirement age, which depending on your scheme will be between 60 and 70 years. Under a PRB the trustees of the scheme arrange retirement benefits for members of the scheme who retire. 

Getting your pension

There are four options for you to think about when you retire. We can help you figure out the best option for you.

Retirement lump sum

At retirement everybody has the option of taking a retirement lump sum. The amount depends on the plan you're on, but often it’s up to 25% of your retirement fund’s value.

Pension for life

A pension for life is a regular income paid to you for the rest of your life. This stops when you die, unless you choose an option to continue the payment.

Reinvestment

With certain plans, you can reinvest some or all of your pension in an Approved Retirement Fund. You can take out money from this fund as you want.

Taxable cash sum

Depending on the type of plan you have, you may be able to take the rest of your fund in one go. You'll have to pay taxes on this lump sum.

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