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.