Questions for retirement 1:1 planning session

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I'm about to make a 1:1 appointment for a DB pension with a company that manages our workplace scheme. I also plan to pay for independent pension advice. I've tried to get as much info as possible as not to be confused by pension jargon and rules but honestly I have been more informed by past retirees than the company plan managers. Just wondering if anyone has any tips on what questions to ask or what to look out for. Also I've heard that I should bring USC payment info for the last few years? Any advice would be appreciated. Thanks
 
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I know very little about DB schemes, but one question to always ask with DB schemes is..
Can you buy extra years service?

i.e. Usually with a DB, for every year you work you get a fraction (like 1/60) added to your DB. Some companies allow you to buy more.
 
And if you can't "buy back" service then can/should you supplement the DB pension with something else such as a PRSA etc.
 
Logo said:
does someone who retires early have to pay PRSI?
Click to expand...

It would be useful if you would provide some more details regarding the income sources of the early retiree, but in general terms to the best of my knowledge -

PRSI applies up to age 66.

If you taking a pension lump sum, there is no tax at all (income tax, USC, PRSI) up to €200k.

Any lump sum between €200k and €500k is not subject to PRSI either.

A lump sum greater than €500k - unsure. One guide below (Standard Life) says no, another (Aviva) says yes:

[broken link removed]

https://www.aviva.ie/content/dam/aviva-public/ie/pdfs/retirement-guide.pdf
If you are withdrawing from an A(M)RF or vested PRSA, PRSI will apply up to 66.

If you are receiving an annuity, the Pensions Authority website and the below Irish Life guide say that no PRSI is payable:


(Note: the Standard Life pensions tax document I linked to above says that PRSI is levied on an annuity payment which contradicts the other sources I mentioned).
 
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