Alternatively, they can opt for a tax-free lump sum of 1.5 times their final pensionable salary and 50 per cent of this salary as a guaranteed income for life.
If you have a permanent pensionable job to return to, you are in an even stronger bargaining position.
In defined benefit schemes, a member accrues pension benefits based on their service, the amount of pension accrued for each year of service and their pensionable salary.
That way you can forget about the money and let it grow until you reach pensionable age.
Preservation provisions under the Pensions Act arise where employees have at least five years pensionable service with their current employer.
According to a survey of 200 people in the sector, nearly half of those who left permanent and pensionable jobs to work in interim management said variety and challenge were the main attractions.
She knows she can retire at 60 and take 25 per cent of the fund value tax-free or €50,000 at pensionable age.
Only 49 per cent of private sector workers in pensionable employment are now members of defined benefit schemes.
In fact, only about half of my working life to date is made up of pensionable service, which leaves me with a gap of about nine years.
If you are a member of an occupational scheme, you are entitled to a maximum of up to 1.5 times your final pensionable salary, depending on your years of service.