Can I take a lump sum?

On retirement, members may currently receive a retirement lump sum of up to 1.5 times annual earnings (assuming they are retiring at their normal retirement age having completed at least 20 years’ service with their employer).  For this purpose, annual earnings averaged over any 3 consecutive years in the last 13 years prior to retirement may be taken into account.  This maximum lump sum is inclusive of any lump sums which a member receives from other pension arrangements.

Currently lump sums are tax free up to €200,000.  Lump sums between €200,000 and €575,000 will be taxed at the basic rate (currently 20%) and lump sums in excess of €575,000 will be taxed at an individual’s marginal rates.



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