Approaching Retirement

If your retirement is approaching, a new chapter in your life is about to start, marking a reward for all those years of hard work.  It’s a big milestone in your life and one that you should be looking forward to. A lot of things in your life will change - how you spend your day, the different roles and responsibilities that you have and, of course, your finances.  The idea of retiring can take some getting used to but planning ahead should help you get ready for it.  Preparing for this new phase of your life is important to ensure you enjoy it, and the preparation is not just about your pension!

 

Your finances will make up an essential part of your retirement planning.  The key question is how to replace the income you received while working.  If you are retiring shortly, the Trustees would strongly encourage you to engage with your Irish Life Advice Team point of contact to discuss your retirement options and establish what is the best way for you to draw down your pension fund to suit your personal circumstances.  You don’t have to worry about what questions to ask your Advice Team point of contact, they will bring you through the whole retirement process and outline the different ways you can access and draw down your pension fund at retirement.  There is no charge for this service.  You can make contact with your Irish Life Advice Team point of contact at any stage of your pension journey to retirement to discuss your pension fund, not just in the immediate years prior to retirement.  You can also seek your own independent financial advice if you wish.

 

3 months prior to you reaching age 65, the Normal Retirement Age (NRA) for the National Federation of Voluntary Service Providers’ Pension Scheme, you will receive a letter from Irish life seeking the following confirmation:

  • If it is your intention to draw down your pension fund at age 65?
  • If you have any other pension benefits?

 

If it is your intention to retire at age 65, it is important for you to engage with Irish Life and advise them of your decision, so they can arrange for a detailed Retirement Option Statement to be issued to you.  This statement confirms details in respect of your pension fund, the possible tax-free cash lump sum payable and the value of any monies remaining after you take your cash lump sum and how you can draw this remaining amount down.  Again, your Irish Life Advice Team point of contact are available to explain your Retirement Option Statement to you or answer any questions you may have.

 

Please do not assume when you turn age 65, your pension benefits will automatically be in your bank account, you need to select what way you wish to draw down your pension fund at retirement, it is not an automatic process, but Irish Life are there to help you at every step of the way.

 

To also help you with your retirement planning, please view the following links:

Approaching Retirement Video

This video covers:

  • What you can do between now and retirement to possibly increase your pension fund.
  • What way you can draw down your pension fund at retirement to best meet your personal circumstances and requirements.
  • An outline of what are the steps involved to access your pension fund at retirement.

 

 

Approaching Retirement Booklet

This booklet is designed to help you prepare for retirement and includes information on:

  • The different ways you can draw down your pension fund at retirement. 
  • Case studies which show the different ways some people drew down their pension fund at retirement. 
  • Frequently Asked Questions section which outlines some questions members ask as they approach retirement.
  • A checklist of items to think about to see if you are ready for retirement!

 

 

Rewire, Don’t Retire Guide

Irish Life and Active Retirement Ireland have sponsored a useful guide to preparing for retirement called Rewire Don’t Retire.This gives you handy tips on retiring, planning, relationships and positive health amongst other things.

 

 

Irish Life Advice Team Point of Contacts

The Trustees would strongly encourage you to engage with your Irish Life Advice Team point of contact to discuss your retirement options and establish what is the best way for you to draw down your pension fund to suit your personal circumstances.There is no charge for this service.You can also seek your own independent financial advice if you wish.

 

 

Trustees Summary Document on how a Pension Scheme Member can draw down their Pension Fund at Retirement.

As your retirement date approaches it is important for you to fully understand the different ways you can draw down your pension fund at retirement and ensure you make the right decision based on your own particular circumstances.  This summary document also outlines how your retirement claim will be handled from start to finish.

 

 

 

Outline of what documentation / information you will be required to submit to Irish Life to process your retirement claim.

 

 

Advantages and Disadvantages of an Annuity and Annual Retirement Fund (ARF)

Compare what an Annuity and Annual Retirement Fund is and the advantages and disadvantages of each retirement option.

 

 

Retirement Planning Seminars

The Pension Trustees of the National Federation of Voluntary Service Providers Pension & Life Assurance Scheme, in association with Irish Life, organise Retirement Planning Seminars every year to support and provide valuable information to members of our Pension Scheme as they approach retirement.  The seminar is a full day event and topics covered on the day include:

  • the mental adjustments of retirement;
  • state benefits in retirement;
  • your organisation’s pension scheme and how to draw down your pension benefits at retirement;
  • Wills and inheritance;
  • Physical & nutritional wellbeing. 

 

These Seminars are aimed at members of our Pension Scheme who are nearing retirement age over the next five years.  An invitation to the member’s spouse / partner to attend the Seminar is also extended.  There is no charge for members and their partners to attend.  A member doesn’t have to be about to retire to start planning for it, in fact, the sooner a member understands their retirement options, the more relaxed they'll feel about the whole process and hopefully be better placed to make the right decisions about this important phase in their life.  We hosted 2 Retirement Planning Seminars in May 2022 and employers were requested to invite relevant members from their organisation to attend.  If you wish to attend a future event, please email pensionadmin@fedvol.ie for further information.

 

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  • Oranmore Business Park Oranmore Galway Ireland.
  • Phone: +353 91 792316
  • Fax:
  • Email: info@fedvol.ie
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