That's my understanding, see below, from
https://susi.ie/wp-content/uploads/2020/04/New-Application-Form-Guide-2020-2-Final-Review.pdf
F10. Did you receive a lump sum payment during 2019 from retirement or redundancy?
If you, your parent(s, legal guardian, spouse, civil partner or cohabitant as applicable, received a lump
sum payment in 2019 arising from retirement or cessation of employment (including redundancy, please
provide details here.
Retirement: Where you, your parent(s, legal guardian, spouse, civil partner or cohabitant, as applicable
retired in 2019 from employment or self-employment and received a lump sum, we take a proportion of
the lump sum into account for calculating reckonable income for student grant purposes. We calculate
the proportion we take into account by dividing the retirement lump sum by the number of years of
pensionable service. If you are self-employed, the 'pensionable service' you should enter is the number
of years for which you made contributions to a retirement product.
Redundancy: If you, your parent(s, legal guardian, spouse, civil partner or cohabitant as applicable,
ceased employment or were made Redundant in 2019 and received a lump sum, we take a proportion
of the lump sum into account for calculating reckonable income for student grant purposes. We
calculate the proportion we take into account by dividing the lump sum by the number of years of
service with the employer.