Personal Pensions Frequently Asked Questions

Q. When can i access my cash at retirement?

A. At retirement you can choose to take the proceeds of your pension as an annuity (income for life), you can also take a lump sum payment. To retire you generally need to be between 60 and 75 years of age.  At your retirement, you have an option to take a tax-free lump sum of up to 25% of your retirement fund, subject to a limit of €1,354,521 million.

You can decide to take your benefits in a number of ways.

  • You can choose an approved retirement fund
  • You can buy an income for life
  • You can also take your benefits as a taxed lump sum.

Q. What typically are my investment options?

A. We can offer a large range of funds depending on your attitude to risk. We will need to sit down and discuss your options before we decide to select a fund or funds to reflect your attitude to risk. You can rest assured that there are hundreds of Personal Pension Funds available to choose from for your pension.

Q. What tax relief will i get if i chose to select a Personal Pension?

A. In our opinion the tax relief offered to individuals for pension contributions is the most attractive reason for considering a pension in the current climate. You receive Tax relief on the way in, and up to 25% tax-free on the way out!

Personal Pensions are a very tax efficient way of growing your money until you retire. When you retire you have the option to take 25% tax free.The government will currently offer generous tax and PRSI relief on your pension contributions, based on your highest rate of tax. So if you were to invest, say, €400 a month, it could actually cost you as little as €236 assuming you pay tax at 41%.


Paul Ryan Pension & Financial Consultants Ltd. is regulated by the Central Bank of Ireland.

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