As you will still need money to live comfortably, a pension pays you a regular income during your retirement years.
If you’ve made enough Pay-Related Social Insurance (PRSI) contributions during your working life, the state will pay you a pension after the age of 66. But this needn’t be your only source of money.
You can also pay into a fund regularly during your working life to build what’s known as a ‘pension pot’. Over the years, your regular payments are invested to generate returns which allow your pension pot to grow in value. When you retire, you can decide how you want to use this money.