Planning for retirement is one of the most important financial steps you can take, whether you’re an employee, self-employed, or running a business. At Q Financial, we specialise in providing expert, regulated guidance on pensions in Ireland — from starting a pension to unlocking preserved benefits.
1. What are the main types of pensions in Ireland? Ireland has several pension options designed for different employment situations:
- State Pension (Contributory): Provided by the government, this is based on your PRSI contributions and currently available from age 66.
- Occupational Pensions: Set up by employers, and split into:
- Defined Benefit (DB): Pays a guaranteed amount based on salary and service.
- Defined Contribution (DC): Final pension depends on contributions and fund performance.
- PRSAs (Personal Retirement Savings Accounts): Portable pensions for individuals, especially useful if you’re self-employed or changing jobs.
- Approved Retirement Funds (ARFs): Allow you to keep your pension invested after retirement while drawing an income.
Not sure where to start? Start a Pension today with expert help »
2. Can I access my pension early in Ireland? You may be able to access your pension early if you’re over age 50 and no longer employed by the company linked to that pension. This is especially relevant if you’ve changed jobs and left a pension behind. This is called a “preserved benefit.”
Early access rules depend on the scheme type and provider. At Q Financial, we offer a free eligibility check to help you understand your options.
🌟 Over 50 with a pension from a previous job? You could be eligible for early access. Check now »
3. How does auto enrolment affect employers in 2025? Ireland’s new auto enrolment system is being rolled out in 2025. It means that employees aged 23–60 earning €20,000 or more annually will be automatically enrolled into a workplace pension scheme.
Employers will need to match employee contributions, and the government will also top up the fund. The goal is to improve pension coverage across the private sector.
💼 Running a small business? We can help you set up a compliant pension scheme.
4. I have multiple old pensions – can I combine them? Yes. Consolidating your pensions can simplify your finances and may lead to better performance if fees are reduced. This is often done through a pension transfer.
At Q Financial, we assess your existing pensions and advise whether combining them is suitable based on your age, career plans, and tax position.
👥 Have 2 or more old pensions? Ask about our free pension review today.
5. What is the Standard Fund Threshold (SFT)? The SFT is the maximum pension fund you can build before facing additional tax penalties. As of 2025, the SFT remains at €2 million.
If your combined pension benefits exceed this, the excess is taxed at a rate of 40%.
⚡ Concerned about breaching the SFT? Talk to us about tax-efficient pension planning.
6. How do I know if I have unclaimed pensions? You might have unclaimed pensions if you’ve:
- Changed jobs frequently
- Lost contact with an old provider
- Moved abroad and returned
There are over €400 million in unclaimed pensions in Ireland. We offer a free pension tracing service to help you locate and claim yours.
7. What is a PRSA and how is it different from other pensions? A PRSA is a flexible, portable pension plan that you can take from job to job or use if you’re self-employed. Unlike some occupational schemes, PRSAs are not tied to your employer and can be managed privately.
8. What’s the difference between Defined Benefit and Defined Contribution pensions?
- DB (Defined Benefit): Offers a predictable income in retirement, but fewer new DB plans are being offered.
- DC (Defined Contribution): Final value depends on what you and your employer contribute, and how the investments perform.
9. How does pension tax relief work in Ireland? When you contribute to a pension, you receive income tax relief:
- 20% for standard rate payers
- 40% for higher earners
There are limits based on your age and income, but it’s one of the most tax-efficient ways to save.
📈 Want to maximise your tax savings? Our advisors will explain exactly how.
10. What if I’m not sure where to start with my pension? You’re not alone. Many people feel unsure whether they’re saving enough, using the right fund, or missing out on benefits.
That’s why Q Financial offers a free pension consultation. No jargon, no pressure – just expert, regulated advice.
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✅ Ready to take control of your pension future? Choose your next step:
All consultations are provided by Q Financial Advisors, regulated by the Central Bank of Ireland. This content is for informational purposes only and does not constitute direct financial advice.
