Your retirement options

When you want to take your pension benefits, you have several choices. The right choice for you depends on things like your tax position, whether you have a partner, your attitude to risk and even your health.

Gathering all necessary documentation can take some time, we recommend you start this process well in advance of your retirement date.

You'll have important decisions to make, so we recommend you talk to your financial adviser.

Eligibility and options


Cash lump sum, annuity and/or ARF?

You can take a cash lump sum and with the balance, subject to Revenue rules, you can:

• Buy a guaranteed taxable pension income for the rest of your life (an annuity) or
• Invest in an approved retirement fund (ARF) or
• Take taxable cash or
• Choose a combination of these options



What you need to consider

To calculate your pension benefits, Revenue requires us to take all your pension arrangements into account, regardless of whether they are in payment or yet to be claimed

  • company pensions with your current and previous employers
  • personal pensions
  • PRSAs
  • self-administered schemes
  • buy out bonds


Combining your pensions could save you money

If you’ve got a few pension policies with different companies, it could make financial sense to bring them together. You'll be able to keep track of your investments at a glance and you may end up paying less in charges. 

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