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Lump sums

Virtually all pension arrangements allow you to take a tax-free lump sum within certain limits at retirement.  Most people avail of this option.  You may also be able to take an additional lump sum which is taxable.  Different rules apply to the amount of cash you can take out of a pension arrangement depending on the type of arrangement you have.

For personal pensions, personal retirement savings accounts and occupational pension scheme members transferring to approved retirement funds (ARFs) at retirement, it is generally possible to take up to 25% of your fund as a tax-free lump sum, subject to certain Revenue limits.  If you are a member of an occupational pension scheme with 20 years’ service or more, you can generally choose to take a lump sum of 1.5 times your final remuneration, if higher, provided that your residual benefits are taken in the form of a pension, i.e. you do not wish to transfer residual retirement funds to an ARF.

You should seek information from your pension provider about the retirement options available to you close to the time of your retirement.