What Happens When I Access My Pension?

When you access either a Personal Pension or Company / Occupational Pension or PRSA Pension, you will access the Pension under 2 headings:

  • Tax Free Cash Lump Sum and
  • The balance of the Pension is taken in the form of an Annuity or Approved (Minimum) Retirement Fund also known as an ARF & AMRF

The tax free lump sum entitlement can be calculated in one of 2 ways (depending on the type of pension you are accessing). These are:

  • A Tax Free Lump Sum equal to 25% of the value of the Pension Fund or in some cases,
  • A Tax Free Lump Sum no more than 1.5 times your pre retirement income.

In both cases the tax free lump sum is capped at €200,000

In most cases you will be required to use the residual balance of the pension to either:

Purchase an Annuity or
Invest in an ARF / AMRF (Approved Retirement Fund / Approved Minimum Retirement Fund)


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