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Withdrawing from a pension

  • 01-01-2014 08:17PM
    #1
    7276887e
    Registered Users, Registered Users 2 Posts: 16 ✭


    I am 35 years old.I am currently employed for the past 9.5 years in a company. For approx 7 of those years I have been paying into a pension equally with the company into new ireland. Now I need to help a family member out who is struggling and could really do with withdrawing some money from this pension. Is it possible? How much can I withdraw? How do I go about it? Any advice much appreciated


Comments

  • #2
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    Have you been paying avc's?


  • #3
    7276887e
    Registered Users, Registered Users 2 Posts: 16 ✭7276887e


    I pay 2.5% if my salary and the company does the same


  • #4
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    Then chances are you won't be able to withdraw anything until the early retirement age of 50.


  • #5
    coylemj
    Registered Users, Registered Users 2 Posts: 25,722 ✭✭✭✭coylemj


    7276887e wrote: »
    I pay 2.5% if my salary and the company does the same

    5% isn't going to buy much of a pension, consider increasing the contribution, especially if the company will match it up to a limit.

    Seriously, in retirement you will have bugger all income beyond the state old age pension which for someone your age will not be payable until you are 68.


  • #6
    Doom
    Banned (with Prison Access) Posts: 2,381 ✭✭✭Doom


    7276887e wrote: »
    I am 35 years old.I am currently employed for the past 9.5 years in a company. For approx 7 of those years I have been paying into a pension equally with the company into new ireland. Now I need to help a family member out who is struggling and could really do with withdrawing some money from this pension. Is it possible? How much can I withdraw? How do I go about it? Any advice much appreciated

    100% sure you will not be allowed. Pensions are practically untouchable to us mere mortals till 65


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  • #7
    7276887e
    Registered Users, Registered Users 2 Posts: 16 ✭7276887e


    Is there anyway I cancel the policy and then restart a new one?


  • #8
    Ideo
    Registered Users, Registered Users 2 Posts: 1,618 ✭✭✭Ideo


    7276887e wrote: »
    Is there anyway I cancel the policy and then restart a new one?

    No. You won't be able to get access to the pension pot.

    You should search for other threads like this, this topic has been done to death


  • #9
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    Op if this request is anything got to do with your first post on the site, please re-think and get the approiate help.


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