Irish Pension Information

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If you want to access your pension early from age 50 onwards we have included a quick run down of the information you need to know before starting the process.

 

We do have more in-depth articles which go into the nitty gritty detail of accessing your pension so if you want more information on a particular section just click the link at the bottom of each section.  

The first step to accessing your pension is conducting a pension health check. This service is offered free of charge by the Qualified Financial Advisors we work with.

 

Your Financial Advisor will ask you to complete a Letter of Authority. This letter gives your advisor the “authority” to request the full details of your pension from your pension provider. They cannot make any changes, they can only request information.

 

Once your advisor receives this information they will review your pension and let you know how much is in your pension and how it is performing. See Pension Health Check for more detailed information.

Next your Financial Advisor will let you know how much your pension provider is taking from your fund in charges. Pension charges can heavily influence the value of your pension and are something you should monitor at all times.

 

Most people are not aware how much they are being charged because the cost is deducted straight from their fund so they don’t receive a bill as such.

 

Reducing these charges like lowering any bill is a worthwhile exercise even if you decide accessing your pension is not for you.  See Pension Charges for more detailed information. 

Have you been told by your pension provider that you have to wait until you reach a certain age to retire?

If you are 50 or over and have a pension that a previous employer has contributed to then you can access it. To do this, you simply transfer your pension to a personal pension meaning your employers rules no longer apply. You are in control and can access your fund anytime from age 50. For more detailed information see Retirement Age Rules.

Depending on the rules of your scheme if you pass away you family may not be entitled to receive your pension payments no matter how much is left in your fund. During your health check your Financial Advisor will be able to tell you the inheritance rules on your pension.

 

With life savings at stake it would be foolish not to ensure your family can inherit them in the event you pass away. For more detailed information see Pension Inheritability.

You can take a lump sum of up to 25% of your pension balance tax free. You can take a lower sum and then an additional tax free sum at at a later date. There is a lifetime limit of 25%. See Tax Free Lump Sum for more information.

 

Once you have taken a tax free lump sum from your pension you can then decide to take the remainder as a taxable lump sum, invest it or do a little of both. See what to do with remainder in pension for more information.

The Qualified Financial Advisors we work with offer a free Pension Health Check service. During this Health Check you will find out all of the information above and receive advice on your options free of charge.

 

Your advisor will outline all of the options that are open to you and the fee is any associated with each. You can then decide whether or not you wish to proceed with any of the options they have presented. There is no obligation at any time to proceed with any of the options presented in your Pension Health Check.

 

If you would like to find out which options are available to you, please complete our Access Your Pension From 50 Assessment below and a member of our team will connect you with a Qualified Financial Advisor who start the process to access your pension.

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