Benefits payable on retirement

On retirement from a private pension arrangement you will have a number of options available to you. The decisions you take at this point will have a significant bearing on your financial security and that of your dependants. You should consider taking advice when deciding upon your retirement options.

Your options at retirement may include:

• taking a tax-free lump sum, subject to limits set by Revenue,
• receiving a pension (sometimes provided by an annuity),
• transferring some or all of your retirement savings to an approved retirement fund (ARF),
• taking a taxable lump sum, and
• providing for dependants.