Exit Tax on a PRSA

Mary Liz

In 2007 I transferred €7,500 from my matured SSIA to a PRSA product. This product was recommended and sold through a large semi-state Credit Union. An additional €2,500 from Department of Finance was added to the PRSA bringing the total to €10,000 (less fees to the agent for the PRSA who had an office in the Credit Union). The current value of the PRSA is around €9,500. I am a retiree and I need to cash this PRSA. I have been told that I will have to pay an exit tax on the full amount of the PRSA and that I will only receive approximately 50% of €9,500. I am retired, have limited means and would like to receive my investment of €7,500 in full. Thanks for any help. Mary Liz

sky2424

Mary Liz wrote: »

In 2007 I transferred €7,500 from my matured SSIA to a PRSA product. This product was recommended and sold through a large semi-state Credit Union. An additional €2,500 from Department of Finance was added to the PRSA bringing the total to €10,000 (less fees to the agent for the PRSA who had an office in the Credit Union). The current value of the PRSA is around €9,500. I am a retiree and I need to cash this PRSA. I have been told that I will have to pay an exit tax on the full amount of the PRSA and that I will only receive approximately 50% of €9,500. I am retired, have limited means and would like to receive my investment of €7,500 in full. Thanks for any help. Mary Liz

You should check of this is a standard or a non standard PRSA? From what I remember, the charging structure is capped on standard PRSAs. Non standard PRSAs tend to have higher charges as they offer mote investment options.

I'm confused as to what exit tax your referring to though...

Legend100

If I may ask Mary Liz - how old are you? (it may help answer your question)