You’ve worked hard for most of your life; you’ve scrimped and saved so you could relax and enjoy your golden years. Now your retirement is just around the corner. Hurray! But what options do you have for accessing your pension fund, and how should you manage your payments?
There are lots of different ways you can manage your pension, so the best thing to do is to have a chat with your local financial advisor before you begin. Have a read of some of your options, or why not request a call back from your local pension advisor?
There are lots of different options available for when you retire – you can choose how you access your retirement fund and how you use it. We’ve outlined some of the popular options below to give you an idea of what’s available. We’ll also meet you for a relaxed chat to advise you on how to make the most out of your retirement fund. This retirement review is completely free, confidential with no strings attached. Why not book your review with a local advisor?
How does a lump sum sound to kick start your pension payments? This is tax free too – not bad! You can choose to take 25% of your pension in the form of the retirement lump sum, and the first €200,000 of this is tax free - to a limit.
This is a really popular option, as it will provide you with regular monthly income (most of us are used to this payment structure, after all). Take note that this isn’t tax free, folks.
Did you know you can choose to invest your retirement fund? Your local EBS pensions advisor can bring you through this option and whether or not it would be right for you.
You might have a pension with us or with another provider – but you’re close to retirement age, and you’re wondering if this plan is still meeting your needs. A pension is a long term investment and just like other investments it’s important to keep track of how it’s doing.
We’ve created a handy checklist so you can keep your pension on track:
Psst – if you can’t answer one of these queries by yourself, don’t hesitate to request a call back from your local EBS pensions advisor. They’ll go through your plan in detail and have a relaxed chat about your options.
Life and Pensions Products are provided by Irish Life Assurance plc and are long term savings plans from which the benefits can only be taken at age 60 and/ or retirement. EBS d.a.c. (EBS) is tied to Irish Life Assurance plc for life insurance products.
Irish Life Assurance plc is regulated by the Central Bank of Ireland.
EBS d.a.c. is regulated by the Central Bank of Ireland.