Pension Property Case Studies

Teacher: Has Civil Service Pension, No Other Benefits

Matthew is a school principal who has worked for the Department of Education for 20 years. He is entitled to a pension through this employment which will become payable on his retirement and has no other pension benefits. He is interested in buying property with his pension fund. Can this be done?

In order to purchase property through a pension fund, a transferable lump sum must be available within a pension fund. In Ireland, civil service pension benefits are payable on retirement and are dependent on total reckonable service and pensionable remuneration. In this case, there is no transfer value available prior to retirement, only a pension in payment on retirement. If a civil service employee did wish to purchase property through a pension, they would need to establish and contribute to an additional pension fund (e.g. a PRSA). If a sufficient balance was accrued within this fund, it could be used to purchase property. 

If you are interested in establishing a pension or buying a property with your pension fund speak to your financial advisor.

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