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pensions

  • 04-12-2010 11:01pm
    #1
    decdec1
    Closed Accounts Posts: 5 ✭


    hi all just quick question,i took pension out with new ireland assurance 10 years ago,i canceled the payments two years ago as my pension got slaughtered and taught there was no point in keep blowing away money,my balance in the fund is 8,000, im jut wondering can i make a withdrawl on that or what are my options if i dont continue,is it there until im 60 odd??


Comments

  • #2
    ravima
    Registered Users, Registered Users 2 Posts: 848 ✭✭✭ravima


    yip.

    'tis tied up until you retire.

    If you are self employed then you might be able to retire at 50 under the terms of the policy, if you are employed and it is linked to your work pension, then you can't touch it till then.

    mind you, there will be management charges taken every year from the fund, so if you don't add to it and returns are very low, you could end up losing money each year!


  • #3
    Kennie1
    Registered Users, Registered Users 2 Posts: 302 ✭✭Kennie1


    IF you are self employed you cannot claim the pension untill your 60 or if you are have to retire early due to a life altering illness. If you are an employee you have to wait until 60 as well but with your employers concent you may retire at 50 and you may claim the pension at that stage but you have to prove to revenue that you do not intend to return to work. Your pension fund should have made a recovery since you stopped paying into it and you can request to have you fund invested into less risky funds such as bonds 2014 and bond 2016 which has a set rate of return. This is a good option if you still want to save for retirement but without taking a high level of risk with your savings.
    If you are not going to continue to save it may be worth considering transfering your fund to a standard PRSA as this would only have a 1%AMC which is usually lower than a personal pension. Life companies usually dont like doing this as it gives them a load of paperwork that they cannot charge you for!!!


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