Managing your pension when you retire

You've worked hard and spent years saving for your retirement, now it's here we can help you enjoy it. There are different ways to turn your pension fund into an income - let us help you get it right.

Your options at retirement

Once you retire, there are different options available to you, depending on how you wish to access and use your retirement fund.


Tax free retirement lump sum

You can choose to take 25% of your pension in the form of the retirement lump sum, of which the first €200,000 is tax free up to certain limits. The other 75% can be used to provide you with an ongoing pension income (an annuity).


Regular income and other choices

Most people choose to take an annuity, which provides a regular monthly income in retirement. (Please note pension income in retirement is subject to tax.) Alternatively, you can choose to re-invest your retirement fund.

Need to talk to us about your choices at retirement? You can…

  • Call us 0818 456 006 to speak to one of  our Financial Advisors today
  • Request a call back from our Financial Advisors, they'll be happy to answer any questions you have about pension options through AIB.
  • Alternatively, you can drop into any AIB branch and ask to speak to a Financial Advisor.

AIB's free, personalised retirement review.

A financial review is a great way to take a fresh look at your retirement plan. We’ll talk you through the options available to maximise your Retirement fund. The review is free, confidential with no obligation and takes approximately 45-60 minutes to complete.

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    Find out more

    Already have a pension plan in place?

    Review your pension regularly to make sure it's working for you. A pension is a long term investment and just like other investments, it pays to make regular checks on how it's performing.

    Use the checklist below to keep your pension on track:

    • Do you know what type of funds your pension is invested in?

    • Are you on track with your expected retirement income?

    • Have you met your Pension Adviser in the last year?

    • Do you take time to read your annual statements or keep track online?

    • Are you both maximising your income tax relief benefits?

    • Are you approaching retirement age?

    • Are you considering switching to lower risk funds?

    If you've any questions on your pension plan speak with one of our Financial Advisors today, they'll be happy to answer any questions you may have.

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Other Information

Life and pension products are provided by Irish Life Assurance plc.

Allied Irish Banks, p.l.c. is tied to Irish Life Assurance, plc for life and pensions business.

Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.

Irish Life Assurance, plc is regulated by the Central Bank of Ireland.