Working beyond retirement age?

W

wonderland

Guest
Can somebody help me out. I was wondering what happens if I work beyond my normal retirement age of 65.
Can I draw down on the pension benefits from the company I work for?
Can I claim my old age pension?
 
With a conributory pension you get a Transitinal pension from age 65 to 66, which means if you work or earn more than €38 per week you do not get the state pension. From age 66 you can work and get your contributory pension. You are entitled to other pension and will not be deducted. crazy I know.
 
With regards to your company pension you would need to check the rules of the scheme. A lot would permit the tax free cash to be drawn down at Normal Retirement Age but you would have to retire from the job to get the pension portion ( this is DB I refer to). Your pension would be greater by deferring to a later age.
 
Chapter 8.8 of the Revenue Pensions Manual states
An employee continuing to serve after NRA may elect to take at that date or before he actually retires, either the lump sum, or the pension and lump sum, benefits which would have been due if he had retired rather than defer all benefits until actual retirement. In this event no further benefits should be provided for him except to the extent that they would fall within the maximum approvable in respect of his service up to the date he takes the lump sum
Click to expand...
 
Thanks for the info. I it continue to work beyond retirement I presume I can no longer make contributions to the company pension. Is that correct
 
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