Old-age contributory pension: This is paid to people who have satisfied certain PRSI contribution conditions over their working lives. It is available from the age of 66 and is not means-tested.
The current maximum rate is €179.30. People can continue to work full-time or part-time while receiving the old-age contributory pension. A retirement pension is available one year earlier to people who have retired.
Old-age non-contributory pension: This is a means-tested pension payable to people who do not qualify for the contributory pension based on their social insurance record. Any income, the value of your savings and investments, and the means of your spouse or partner will be taken into account in the means assessment. Payable from the age of 66, the current maximum weekly rate is €166.
Defined-benefit company scheme: These schemes promise workers a percentage of their final salary for each year of service. They are the most valuable type of pension scheme for workers but few employers have set up such schemes over the past decade, while some have closed to new members in a bid to control costs.
Defined-contribution company scheme: With this type of scheme, retirement income depends on the sums contributed by the employer and the employee and on the returns generated by the pension fund manager.
Employers typically contribute much less to these schemes - about 5 per cent of the employee's salary - and so they will usually generate a much lower pension than defined-benefit schemes.
Personal Retirement Savings Account (PRSA): Introduced two years ago, PRSAs are designed as a flexible way for people excluded from company schemes to save for retirement in an investment account.
Employers must give workers who are not members of a company scheme access to a PRSA, but they do not have to contribute.
Other personal pensions: "Old-style" personal pensions are typically sold to self-employed people and usually have higher charges than standard PRSAs, where charges are capped. Insurance companies say there is still a place for personal pensions in the market, arguing that they offer a wider choice of funds to investors.
