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Need Advice re. turning pension into cash please

  • 28-11-2007 11:44am
    #1
    iPink
    Registered Users, Registered Users 2 Posts: 461 ✭✭


    Hi,
    I am only looking for a bit of advice, I have an old pension from about 2 years ago from a company I worked for at the time for more than 5 years.
    I was paying into it for more than 2 years so couldn't cash it in...so it has been left there with the holding company.
    I am a single mother in a bit of debt (who isn't?) & this money would make a HUGE difference to me... it's not a massive amount of money but anyway...
    Does anyone know if there IS ANY way I can turn this pension into cash.... I know it's probably not a good idea & I should be thinking about the future etc but I really need help in the 'here & now'...
    I am only 35 so it will be another few years before I can see this money normally ;)
    Thanks in advance!:D
    iPink


Comments

  • #2
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    iPink wrote: »
    Hi,
    I am only looking for a bit of advice, I have an old pension from about 2 years ago from a company I worked for at the time for more than 5 years.
    I was paying into it for more than 2 years so couldn't cash it in...so it has been left there with the holding company.
    I am a single mother in a bit of debt (who isn't?) & this money would make a HUGE difference to me... it's not a massive amount of money but anyway...
    Does anyone know if there IS ANY way I can turn this pension into cash.... I know it's probably not a good idea & I should be thinking about the future etc but I really need help in the 'here & now'...
    I am only 35 so it will be another few years before I can see this money normally ;)
    Thanks in advance!:D
    iPink

    While the regs are pretty strict, for obvious reasons, make contact with http://www.pensionsboard.ie/
    on the other side I presume u are getting regular updates on the value of your pension from the employer


  • #3
    flates
    Closed Accounts Posts: 9 ✭flates


    hi iPink,

    I work in the Pensions industry. If you were in the pension scheme for longer than 2 years then regulations state you can not cash it in. If however you were in it for less than 2 years you can take a refund of contributions - This is basically the value of your contributions less tax. Please note its the current value of your contributions not how much you actually put in that you would get back and it is only YOUR contributions. If you take this option you will loose any contributions paid in for you by your employer. These are the questions we get asked alot


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