pension ;)

Hi Every one,



I am just wondering does any body have any information regarding a penison scheme I took with CWPS (construction workers pension scheme) i have recently left the construction industry and my total balance was around 3,000 euro and I m just wondering is their any way to get this amount refunded.

i found this information on there site but Im just wondering is their any other way to get back this small amount.



"
Q. I’m no longer contributing to the scheme can I get a refund of my pension contributions?


A. No. A refund of contributions is not available to you under the rules of the scheme. Your retirement account can only be used to provide benefits on retirement or earlier death. If you are contributing to another pension scheme you can ask for the value of your retirement account to be transferred to your other pension scheme"


idea's are welcome thanks guys

dotsman

I can't think of any.

As per the Q & A, the whole concept of a pension is that it is intended for your retirement. If people could access it earlier, then it would just be a massive tax loophole that everyone would abuse. You can transfer it to another pension scheme, but you can only cash it in if you retire (or, if you die before retirement, it can be transferred to your next of kin).

Would be interested to see if anyone can point out any exceptions/loopholes in this.

Drumpot

The only "loophole" I can think of with regards to pensions is that some pensions allow refund of contributions if you are less then 2 years in the Pension Scheme.

Remember, the refund will be taxed so if you have €3,000 in your fund , depending on your tax band you will get back the fund minus tax.

That said, there really are no other way's of encashing a pension until you are on Ill health early retirement, over 50 (in some cases) or your scheme permits it.

thanks guys

pauljw11

Hi all--I heard rumours that there was legislation coming in along the lines that if you had a private pension fund you could withdraw up to one third of it now. Is there any truth in this?

coylemj

pauljw11 wrote: »

Hi all--I heard rumours that there was legislation coming in along the lines that if you had a private pension fund you could withdraw up to one third of it now. Is there any truth in this?

When the Finance Bill 2013 is passed, a one-off withdrawal of up to 30% of money in an AVC will be permitted but not money from the main pension scheme.

AVC is an Additional Voluntary Scheme whereby the employee contributes extra money into a scheme in order to provide extra benefits on retirement. It's typically used by people who cannot accrue enough years of service to qualify for the maximum pension in a particular scheme e.g. a person who worked freelance or abroad for several years and only entered an occupational pension scheme here when in their 30s or 40s.

pauljw11

Thank you.