Starting a Pension in Ireland

Starting a pension plan is one of the wisest investment decisions you will ever make. There is no simpler, easier or more tax-efficient way of saving money for your retirement - and you're going to need a lot more money than you think to retire comfortably.

So what is a pension plan?

Pension plans are simply a very tax-efficient way of saving up a fund of money for when you retire. There are three main types;

Getting more information

For more information take a look at our pension journey and our pension calculator

Could you retire on €12,000 per year?

The state pension is currently only €230.30 per week. Most people who retire at 60 can now expect to live for at least another 25 years. That’s a very long time to cover your day-to-day expenses without a regular income.

Tax Relief

You can make regular payments or invest lump sums. You can add lump sums to your regular payments if you wish. These contributions qualify for tax relief, up to certain limits set by the Revenue commissioners.

Investment options

Once you choose how much to invest, you can invest your payments in a pension fund of your choice. A wide range of funds is available to suit both the cautious and the more ambitious investor. The growth of your pension fund is free from tax.

Retirement options

When you retire, you will have a range of different options, including the possibility of taking a portion of your fund as a tax-free lump sum. You may choose to take an annuity from the fund that is left, or invest in an ARF. Both options are liable for income tax in the normal way.

Where to start

Why not try our Pension Calculator or have a look at our Pension Journey.

Pension can be complicated so we always advise that you talk to a Qualified Financial Advisor.

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Contact Us
Irish Life Call: +353 (0)1 704 1010
Canada Life Call: 1850 203 203
Outside Ireland Call: 01 704 1740


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Irish Life Financial Services ltd. is regulated by the Central Bank of Ireland. Irish Life Assurance plc. is regulated by the Central Bank of Ireland.
Irish Life Financial Services ltd and Irish Life Assurance plc Registered Office - Lower Abbey Street, PO Box 129, Freepost, Dublin 1. Phone: 01 704 2000, E-mail:
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