Review unlocks pensioners’ retirement funds

Pensioners who have been locked out of their retirement lump sums because they were short just €49 in annual income will now be able to access their funds.

Up to now, some people who retired were prevented from accessing their funds for 10 years until they reached the age of 75 as, under Revenue rules, pensioners had to earn at least €12,700 a year to get access to their lump sums.

With the full rate of the State pension being €12,651 per annum, many pensioners were finding themselves with saved funds locked in an account because they were 94 cents per week, or €49 per annum, short of the stipulated pension income.