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The main purpose of pension arrangements is to provide additional income in retirement over and above that which is available from the State. The amount of pension you receive will depend on the type of arrangement you have and decisions you make at retirement. Pensions are normally paid monthly from retirement for the rest of your life.

If you have a personal retirement savings account, a personal pension or are a member of a company defined contribution scheme, your pension will depend on the amount of your retirement fund left after you have taken any lump sum.

In defined benefit schemes the pension you receive will depend on the rules of the scheme. Your pension will be based on a formula, very often linked to your service and salary.