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) and take a pension with the balance of the fund (if any). For this purpose, annual earnings averaged over any 3 consecutive years ending not earlier than ten years before the retirement date may be taken into account.  This maximum lump sum is inclusive of any lump sums which a member receives from other pension arrangements.

If availing of the ARF route on retirement a lump sum of 25% of the fund value can be taken at retirement

Currently lump su ms  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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