# Pension lum sum at 60, pension at 65 ?



## Dr.Debt (30 Jan 2014)

I'm wondering if some of the pensions experts can comment.

I have a client with an assortment of personal pension plans, the documentation of which he is trying to find at the moment. So far the details have been quite sketchy to say the least

He believes that his various pension lump sums  are payable at age 60 but his pension installments only commence at age 65. Does this sound right ?

I always thought that the lump sum and pension payments started simultaneously on retirement ?


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## Steven Barrett (18 Feb 2014)

No, that's not correct, you can't have tiered retirement ages for the one policy.


Steven
www.bluewaterfp.ie


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## Conan (18 Feb 2014)

Just to be clear....
If they are Personal Pensions (self employed or non-pensionable employment) each policy can have different nominated retirement ages.
If they are Occupational Pensions, then all must have a common nominated retirement age in respect of the same Employer.

You are correct in saying that once you decide to draw down the retirement lump sum, the residual amount must also be used at the same time to buy an annuity or invest in an ARF etc.


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## pierboy (26 Feb 2014)

One other possibility in an Occupational Pension Scheme if you continue working for your employer after Normal Retirement Age you can take your lump sum at Normal Retirement Age but defer taking your pension until you actually retire (max age 70).


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