When you can retire
When and how you enjoy your retirement depends on the type of plan you have.
Personal Pensions or Personal Retirement Savings Account (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 Plan or Personal Retirement Bond (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.
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 type of plan you have 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.
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. Revenue limits, terms and conditions apply. Tax relief is not automatically granted, you must apply to and satisfy Revenue requirements.
Who is AIB life?
AIB life is a partnership between AIB and Great-West Lifeco to provide protection, retirement and investments through AIB’s Financial Advice service.
AIB life provides protection, pension and investment products. AIB provides advice on these products.
|Warning: If you invest in this product you may lose some or all of the money you invest.
|WARNING: The value of your investment may go down as well as up.
|Warning: This product may be affected by changes in currency exchange rates.
|Warning: If you invest in the product you may not access your money until age 60 and/or you retire.
Allied Irish Banks, p.l.c is tied to AIB life for life and pensions business. Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland. Saol Assurance d.a.c., trading as AIB life, is regulated by the Central Bank of Ireland. Allied Irish Banks, p.l.c. has a 50% holding in Saol Assurance d.a.c.