There's a lot to think about when you're looking for the right pension plan. While we would always recommend speaking with a financial adviser before you make a decision, we also want to help you find answers to questions about Standard Life pension products. This at-a-glance table shows the types of pension products we offer. And remember, we're here to help if there's anything else you need to know.

 

Synergy Personal Pension

Synergy Personal Retirement Savings Account (PRSA)

Synergy PRSA Additional Voluntary Contributions

    Synergy Buy Out Bond

Can I apply for this policy?
  • If you are under the age of 75 and self employed or not in your employer's company pension scheme.
  • If you are under the age of 75
  • If you are in your employer's company pension scheme
  • If you are transferring from another buy out or personal retirement bond before the age of 70.
  • If you're leaving a company pension scheme, or it’s winding up, the trustees apply on your behalf.

Can I make contributions?
  •  
  •  
  •  
 X

I have other pension funds. Can I transfer them into this policy?
  • You can transfer funds from other personal pensions into this policy.
  • You can transfer funds from personal pensions and other PRSAs into this policy.
  • You can transfer funds from AVCs made during the same employment into this fund.
  • You can transfer funds from company pension schemes and other buy out bonds – each transfer payment creates a new policy.

What's the maximum cash lump sum I'm allowed when I retire?

You'll be able to take up to 25% of your policy value

You'll be able to take up to 25% of your policy value

Included in maximum allowed for company pensions

If you have 20 years of pensionable service at your normal retirement age and you choose the annuity option, you'll be able to take 1.5 times your final salary as a lump sum, minus the value of any other lump sums from other pensions you have already taken.

If you choose the ARF option you'll be able to take 25% of your policy value.

What's the tax on the cash lump sum I take?

You have a total cash lump sum limit of €500,000 from all pension funds. In other words, you need to count all lump sums from all funds as a single withdrawal – if you've taken €100,000 from one fund and €200,000 from another, your total withdrawal is €300,000.
 

The first €200,000 is tax free.

The next €300,000 is taxed at 20%.


Anything over €500,000 is treated as income and taxed under the PAYE system.

      

When can I take my pension?

Aged 60 - 75

Aged 60 - 75

At the same time as your company pension

Aged 60 – 70

Can I take my pension earlier?

No, but exceptions may be made for certain special occupations. Check your policy or ask a financial adviser for more information.

If you're an employee, or have a specified special occupation, you can take your pension from age 50.

You can access your pension at the same time as your company pension.

If your pension is not related to your current employment, you can access it from age 50.

What does my family get if I die before I take my pension?

The value of your policy at your time of death.

What's the maximum pension I'm allowed?

That's limited by the value of your policy and the cost of buying your pension.

That's limited by the value of your policy and the cost of buying your pension.

Included in maximum allowed for company pensions

If you have at least ten years of pensionable service by the time you retire, you’ll be allowed two-thirds of your final salary, provided you offset any retained pensions you may have.

It's important to remember that laws and tax rules can change and that your personal circumstances also have an impact on the way your pension income is taxed. The information we've provided here is based on our understanding as of August 2022. 

This is a brief and basic comparison, it's not a definitive guide. If you're thinking about starting a pension, we strongly recommend that you speak with a financial adviser. They can give you all the information you need to choose the pension option that’s right for you.

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Looking for more information?

  • How much income will I need in retirement?

    Work out how much you'll need to support the Second Life you want. 

    Retirement income calculator

  • Our pension products

    More information about all the pre-retirement pension planning products we offer.

    View products

  • Choosing the right pension

    There are lots of pension types to choose from, so it's worth taking time to understand which one is right for you. 

    More about pension types