Retirement Planning in Ireland | UnlockPension.ie.
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Retirement planning in Ireland begins with your pension. Whether through an occupational scheme or a PRSA, consistent contributions are the foundation of long-term financial security.
Why Retirement Planning in Ireland Matters
Your Pension Options in Ireland
| Pension Type | Who It’s For | Benefits |
|---|---|---|
| State Pension | All workers with sufficient PRSI | Foundational income in retirement |
| Occupational Pension | Employees where employer offers a scheme | Employer contributions, structured saving |
| PRSA | Self-employed or no company scheme | Portable, flexible, tax-relieved saving |
| RAC (Personal Pension) | Typically self-employed pros | Personal plan with investment choice |
| AVCs | Employees topping up benefits | Boosts retirement income with relief |
Related internal guides:
- Unlock Pension Ireland – Complete Guide
- Preserved Pension Ireland – How It Works
- Cash in Pension Early – Rules & Options
Tax Relief: Your Built-In Advantage
Pension contributions can qualify for income-tax relief (subject to revenue rules, age limits and earnings caps). That relief lowers your net cost today and helps your fund grow faster.
- Use AVCs or PRSA top-ups in strong income years.
- Increase contribution % as you move through your 40s and 50s
- Review fees and performance annually.
Real-Life Planning Examples
Young Professional (Age 25)
- Starts at 10% of salary into PRSA/occupational plan
- Raises contribution 1–2% every few years
- Reviews investment risk every 3–5 years
MidCo Career (age 45) combines employer match + AVCs
- Targets retirement income of ~50–70% of working income
- Stress-tests plan for redundancy or career breaks
Nearing Retirement (60+)
- Maximises allowed contributions (subject to limits)
- Plans lump-sum + ARF/annuity mix for flexibility
- Times withdrawals tax-efficiently with advice
Sector spotlights (internal links):
- Banking Pension – 25% Tax-Free, ARF Options
- AbbVie Pension – Former Employees
- Becton Dickinson – Redundancy Guidance
- Airline Redundancy – Unlock Options
- Tech (SAP) – Former Employee Guide
- Galway MedTech – Local Help
Can You Unlock a Former Employer Pension Before Full Retirement?
You may be eligible from age 50 if you left the employer tied to that scheme and meet the scheme/Revenue rules. Unlocking can allow a tax-free lump sum, with the balance typically going to an ARF/annuity for income.
What you’ll need for an assessment:
- Former employer name & scheme if known
- Approximate dates of service
- Any letters/statements you still have
Retirement Planning Checklist
Review your State/occupational/PRSA positions
Set a retirement income target of today’s income
Maximise tax relief with smart contribution timing
Map the drawdown route: lump sum + ARF/annuity
Re-check annually or after job/life changes
FAQs – Retirement Planning in Ireland
What’s the best way to start?
Check your current pensions (including old jobs), then set a contribution % that fits your budget and ramps up over time.
Can I unlock before 65?
If you’re over 50 and left the employer tied to that pension, you may qualify. Start with a free check.
How much should I contribute?
Many aim for 10–15% in their 20s–30s, rising toward 20–30% later (subject to your circumstances and limits).
What happens if I change jobs?
Options include leaving it preserved, transferring, or moving to a PRSA. Get advice to pick the most tax-efficient route.
More reading:
Ready to Plan Your Future?
At UnlockPension.ie, we make retirement planning simple—from understanding your options to unlocking a former employer pension where eligible.
No obligation • Fast response • Advisor panel across Ireland
UnlockPension.ie is a service provided by OMA Financial Services Limited trading as Q Financial
and is regulated by the Central Bank of Ireland (C135240).
With over 100 years of combined experience in personal, company, and self-administered pension schemes in Ireland and the EU, our team ensures you receive reliable, compliant advice tailored to your retirement planning needs.
