071 912 2062 info@dorrin.ie

Retirement Planning

Frequently Asked Questions

What age can I retire from public service?

Depending on your year of entry, PRSI class and years’ service. For example, D1 PRSI class, age 55 with 34 years’ service.

Can I transfer my occupational pension from a previous employer to a scheme in my name?

Yes, in many cases you can transfer a pension from previous employment to a private pension in your name.

What age can a draw down my private pension?

You can draw down a private pension from age 60 or in some cases age 50.

How is my pension calculated?

Years of pensionable service multiplied by your final salary (career average salary post 2013 scheme) divided by 80.

What is my lump sum from my occupational pension?

Your tax-free lump sum is 1 and ½ times pensionable salary in total from occupational pension & AVC (if applicable).

What is my lump sum from my private pension?

Your tax-free lump sum is 25% of your total private pensions.

How can increase my pension and lump sum?

Through the purchase of notional service and or with AVCs (additional voluntary contributions)

Can I complete a Last Minute AVC?

If you don’t already have an AVC you may have an opportunity to complete one before you retire.

Why should I do a Last Minute AVC?

By completing a last-minute AVC you can claim a tax rebate of 40% on your AVC contribution.