Irish Pension Information

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There are rules added to each pension scheme which are defined by those who set up the scheme. These rules are individual to your pension scheme so they may differ from others. This is why you may have heard of someone who can retire earlier than you can under their pension scheme.

 

There are other rules set by the Central Bank which are put in place to protect you and your pension fund as a consumer. The Central Bank enforces these rules to ensure anyone operating in the area of pensions does so professionally and fairly.

 

 

We are going to look at the Age of Retirement Rule here and how you can manoeuvre around it to suit yourself and not your employer. The only rules which you can work around are the rules which are set by your scheme. 

 

You cannot and should not try to work around the Central Bank rules because they are in place to protect you. 

When an employer sets up a pension fund they can specify the age at which are allowed to access your pension.

 

If you have tried to access your pension before you may have contacted your pension provider only to be told that under your pension rules you are not eligible to retire until a certain age for example when you reach 66. 

 

These are the rules for your employers pension scheme only. The rule of law in Ireland states that you can access a pension scheme where an employer has made a contribution from the age of 50.

 

Many people are therefore confused when they contact their pension provider and are told it is not possible for them to access their pension until years later.

 

In this instance you need to make the rules work for you.

The part which is often overlooked is that if you move your fund into your own Personal Retirement Bond then the rules your employer has attached to your pension no longer apply and once moved you can access it from 50.

Transferring Your Pension

You can transfer or move your pension at any age once you are no longer working for that employer. You may want to do this because you are unhappy with the funds performance and charges or you may want to do it so you can access your fund.

 

You should always seek financial advice before moving your pension to ensure it is a suitable option for you. Once moved you then have full control over your pension fund. You can access as much or as little as you want. You can decide what you want to invest yourself and ensure your investments meet your needs and objectives not everyone else’s.

 

If you need to transfer your pension in order to access it we can connect you with a Qualified Financial Advisor who can guide you through the process making the transfer straight forward.

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