Are you entitled to a contributory or a non-contributory pension in retirement? Knowing the answer to that will help in your financial planning.

The State pension is a contributory pension that is paid to people from the age of 66 who have enough Irish social insurance contributions to qualify. The contributory State pension is not means-tested and you may have other income such as a personal or occupational pension and still receive a contributory pension. Like all other income, this pension is taxed, however you are unlikely to pay tax if it is your only source of income.

What is a non-contributory State pension

A non-contributory pension is also a State pension but it differs to a contributory pension in that it is residency based and is a means-tested payment for people aged 66 or over who do not qualify for a contributory State pension based on their social insurance payment history.

Whether you are eligible to receive either a contributory or a non-contributory State pension, the key issue is whether or not either State pension will be adequate enough to provide the income in retirement that you will need. As there are a number of pension options available to you, having all the information is key. Sound advice is invaluable, so it's a good idea to seek advice from a financial advisor. An independent financial advisor can guide you through the process and help you select the right plan for your circumstances. You can find a local financial advisor near you with the Zurich Advisor Finder. Alternatively, our Financial Planning Team can provide you with more information about Zurich's pension plans and options.

The information contained herein is based on Zurich Life's understanding of current Revenue practice as at January 2024 and may change in the future.

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