Private Pension

Private pensions in Ireland mean pensions that are organised individually by self-employed people or employed people who do not have an occupational pension scheme.

The rules governing private pensions have changed very considerably in recent years. Private pensions are not subject to the regulation of the Pensions Board. Instead, personal pensions are subject to tax law and financial services legislation (including the general law on insurance).

Tax relief is available for contributions to personal pensions and the amount of the relief is age-related.

Recent changes in the Finance Act 2006 include increase in tax relief on contributions for those aged over 55 and a limit on the overall value of an individual’s pension fund.

Transfer between funds


You do not have to remain in the same pension fund. You may transfer funds accumulated with one insurer to another fund with another insurer. Of course, there may be costs involved in doing this.

When you retire, you may opt for the existing annuity arrangements or for the new arrangements. The new arrangements mean that the accumulated fund is your property. You must take your pension not later than your 75th birthday (the previous upper limit was 70).

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