How to Unlock Your Banking Pension in Ireland: A Guide for Professionals Facing Career Change.
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🎯 Former Banking Employee? Over 50?
You may be eligible to unlock your preserved pension and access 25% tax-free.
✅ Get expert advice now — Complete Our 60-Second Check
Banking Careers in Ireland Have Shifted — And So Have Pension Options
There was a time when a banking or financial services career in Ireland meant stability for life. In the early 2000s, many professionals joining institutions like AIB, Bank of Ireland, PTSB, KBC, or Ulster Bank expected to stay until retirement. But the financial crash and the retreat of retail banks from the high street have reshaped the industry entirely.
Today, professionals with financial qualifications are far more likely to switch employers throughout their careers, gaining diverse experience across different segments of the sector. And for many over 50, this shift brings a new opportunity: unlocking preserved pensions from former banking employers.
Click here :-Pension Access Form – Banking Professionals
Where Did Ireland’s Laid-Off Bankers Go?
With Ulster Bank and KBC exiting Ireland in 2024 — following earlier departures by Danske Bank, Bank of Scotland, and Anglo Irish Bank — thousands of banking professionals were laid off. Thankfully, many found new roles with global finance companies such as Citibank, Bank of America, and BNY Mellon, which now operate significant back-office support operations in Ireland.
Should You Unlock Your Former Employer’s Pension?
Yes — and many professionals over 50 are already doing it.
“Instead of waiting until 65, people with preserved pension benefits from a former employer are now unlocking them early — often into a Personal Retirement Bond (PRB) — where they can take greater control,” says Donal Kennedy, a former banker and pension advisor at Q Financial.
By unlocking your pension into a PRB, you move your fund into a private structure, select your own pension provider, and work with an independent advisor to choose suitable investment options. It’s a flexible and proactive approach to retirement planning.
Can You Take a Tax-Free Lump Sum at 50?
Yes — 25% of the fund is tax-free once you’ve transferred it to a Personal Retirement Bond and reached age 50 or older.
What Happens to the Other 75%?
The remaining 75% is typically invested in an Approved Retirement Fund (ARF). You can draw a regular income from this fund while keeping it invested for long-term growth to support your retirement years.
⚖️ Why More Professionals Are Choosing to Unlock Their Pensions
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Gain full control over how and where your pension is invested
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Access a tax-free lump sum of 25% at age 50+
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Stop your pension being affected by changes to your former employer’s scheme
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Receive tailored advice on fund options that match your new career and risk profile
🔗 Learn More & Start the Process
Qfinancial.ie is regulated by the Central Bank of Ireland and has years of experience helping former banking professionals unlock their pensions early. Our platform UnlockPension.ie offers a free 60-second eligibility check and expert guidance every step of the way.
OMA Financial Services Ltd T/A Qfinancial.ie
Regulated by the Central Bank of Ireland (Reg No. C135240)
☎️01 531 3200
