Revenue lifts age restriction on Mayo pension transfers

A Mayo TD has welcomed a significant reversal by Revenue that restores pension flexibility for thousands of workers and retirees across Ireland, including many in Mayo.

In August 2025, Revenue quietly updated its pensions manual to remove the ability for individuals over the age of 65 to take a transfer value from their occupational pension scheme.

This change, introduced without consultation, negatively affected thousands of people across the country.

Deputy Paul Lawless explained: "I have been actively campaigning on this issue for months, engaging extensively with Revenue and advocating for constituents in Mayo who were directly affected by the restriction.

"Under the August update, anyone over 65 who had not yet drawn their pension was blocked from transferring their benefits to a Personal Retirement Bond or similar arrangement.

"This restriction forced some employees to consider resigning early to preserve their transfer option.

Deputy Lawless continued: "Revenue has now reversed this controversial rule. Individuals over 65 can once again take a transfer value, provided benefits have not yet been paid. This decision restores flexibility and fairness for thousands of people across Ireland.

"This is a huge win for thousands of people in Mayo working in the private sector who have occupational pensions.

"Certain occupational pension schemes mean the pension disappears if the individual dies. The restored transfer option allows people to move their pension pot into a product that ensures benefits can pass to family members.

"Moreover, many employees are now working beyond 65. This change means workers can stay on without losing the ability to transfer their pension when they choose.

"Transfer values give individuals ownership of their pension assets, allowing them to invest and manage their retirement funds in a way that suits their needs.

"I have campaigned hard for this change because it matters deeply to people in Mayo and across Ireland.

"Workers deserve the freedom to manage their pension assets, protect their families, and plan for the future. Revenue’s reversal is a victory for fairness and common sense."