NO MATTER WHO YOUR PENSION IS WITH

Get in touch and start putting a plan in place for the retirement that fits you.

    WANT TO TALK TO SOMEONE?

NO MATTER WHO YOUR PENSION IS WITH

Get in touch and start putting a plan in place for the retirement that fits you.

3 SIMPLE STEPS TO DRAWING DOWN YOUR RETIREMENT FUND

STEP 1

CALCULATE YOUR TOTAL RETIREMENT FUND

This can be the total amount of all your pension plans put together.

STEP 2

RETIREMENT LUMP SUM

(depending on your pension plan)
Some or all of it may be tax free.

STEP 3

WITH THE REMAINING BALANCE OF YOUR FUND, YOU CAN CHOOSE ONE OR A MIX OF FOUR OPTIONS:

OPTION 1
INVEST SOME OF IT

You may be able to keep investing your pension fund in a variety of ways after you retire.
Investment options include;

  • Approved Retirement Fund (ARF)
  • Approved minimum Retirement Fund (AMRF)
  • Vested PRSA

OPTION 2
GET AN INCOME FOR LIFE

With this option you purchase a pension for life, otherwise knows as an annuity. A pension for life is a regular income paid to you for the rest of your life. The regular amount paid to you depends on the annuity rates at the time you purchase. You will have to pay income tax at your highest rate along with any other taxes and government levies due at the time.

OPTION 3
A MIXTURE OF FLEXIBILITY AND CERTAINTY

With this option you have the opportunity to invest some of your pension fund and also purchase a pension for life.

OPTION 4
TAKE AS TAXED LUMP SUM

Depending on the type of plan you have, after you take your retirement lump sum, you may be able to take out the rest of your fund in one go. You will have to pay income tax at your highest rate along with any other taxes and government levies due at the time.

WANT TO TALK TO SOMEONE?


TALK TO YOUR FINANCIAL BROKER OR ADVISOR

CALL 01 704 1857

Talk to our Customer Service team

Our lines are open:
Mon - Thurs: 8am to 8pm
Fri: 10am to 6pm
Sat: 9am to 1pm


IF YOU DON'T HAVE A FINANCIAL BROKER OR ADVISOR, YOU CAN



Irish Life Financial Services Limited tied to Irish Life Assurance plc for life and pension products.
Irish Life Financial Services Limited is regulated by the Central Bank of Ireland.

LOOK FORWARD TO EMBRACING YOUR RETIREMENT

Request a free copy of 'Rewire Don't Retire' a personal retirement lifestyle guide
written by independent retirement coaches Marianne Heron and Paul Britton.

This guide maps out how to make a successful transition into retirement with practical guidance
and psychological insights to help you make your own special plan and realise your dreams.

LOOK FORWARD TO EMBRACING YOUR RETIREMENT

Visit our Retirement Hub to read our blogs on retirement and our Rewire Don't Retire guide to help you fully embrace your retirement.