Irish Life
Plan your retirement
Research (CSO, 2020) shows that a huge chunk of Irish workers are unprepared for retirement and unsure how to build their wealth. We're here to help and to simplify your options.
Learn more about the pension and retirement options below and try our free financial planning tool to see which options are best for you.
for your future
Why do I need a pension?
- To have an income after you retire
- To bridge the gap between the State pension, and the income you're used to
- It helps you live the life you want
What are the benefits?
- Save money - by taking advantage of the available income tax relief on many pension plans. (Income tax relief is not guaranteed. You can get tax relief if your income is taxed under Schedule E or Schedule D (case I or II)
- Get extra contributions - you may have the chance to get contributions matched by your company
- Flexibility - personal retirement savings accounts (PRSA) are flexible, you can contribute more when you have it or decrease contributions any time, and you can take it with you when you move jobs
Helpful Tips
What are my options for pensions and retirement?
I’m just starting out
The sooner you start a pension, the longer it has to potentially grow. You could have the option of a company pension. Your employer will make payments into the pension on behalf your behalf and you can also make payments.
Or you could consider a personal retirement savings account (PRSA) to start saving for your future. If you’re an employee, your employer can make contributions too. If you’re self-employed, it can be a tax-efficient way to reward your hard work.
I want to help make the most of my pension
If you have a company pension at work and want to invest more money into your retirement planning, you can pay an additional voluntary contribution (AVC).
I’m nearing retirement
When you retire, you have a few options for what to do with your pension fund – and you can choose more than one option. For example, you have the option to take a tax-free lump sum and use the balance to buy a pension for life (annuity), re-invest in an approved retirement fund (ARF), or take a taxable lump sum.

Financial advice
Try our financial planning tool for a free review of your finances and a personalised plan. Your plan takes your financial situation into account to give you a recommendation for the best pension option for you. It also gives you recommendations on how to help make the most out of your money now and in the future.