Pension products

Occupational pension schemes

An occupational pension scheme is an arrangement established by an employer to provide retirement and other benefits to employees. These schemes must comply with specific legislative requirements to be approved by Revenue.

Normal Retirement Age (NRA) is the age at which a member is expected to retire. The NRA must be specified within the scheme's rules. The retirement age range for occupational pension schemes is between the ages of 60 and 70. In some cases, your scheme rules may all you to retire early between the ages of 50 and 60. If so, you must leave your employment when you start receiving benefits.

You should direct all queries relating to your occupational pension scheme to the administrators of the pension scheme.

You should direct all queries related to Additional Voluntary Contributions (AVCs)  to the:

• AVC provider
• or
• administrator of the linked occupational pension scheme.

For a member retiring at NRA after 40 years of service, the maximum total pension payable is two-thirds of final remuneration. This generally refers to the employee's salary at retirement or an average over a specified period, depending on the scheme's rules. The maximum lump sum payable is 1.5 times the final remuneration.

All occupational pension schemes relating to the same employment, including AVCs, must be taken at the same time.

You can find the Death-in-service rules for occupational pension schemes in Pension Manual Chapter 10.

In cases of ill-health, benefits may be paid immediately, regardless of the employee's age.

From 1 January 2022, you may transfer your occupational pension scheme benefits to Personal Retirement Savings Accounts (PRSAs).

Next: Personal Retirement Savings Accounts (PRSAs)